Category: Banking and Finance

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BNZ to provide Confirmation of Payee to customers in November

Source: BNZ statements

BNZ will be one of the first New Zealand banks to provide Confirmation of Payee when it rolls out the service at the end of November.

“At BNZ we’re continuously looking for new ways to help protect customers from scammers,” says BNZ CEO Dan Huggins.

“We’re pleased to be able to deliver Confirmation of Payee as quickly as possible after it becomes available in New Zealand, adding it to the suite of tools to help our customers be safer online.”

BNZ’s other recent anti-scam features include:
• An ‘online banking lock’ feature in the BNZ banking app which allows customers to disable all internet banking and BNZ mobile app activity and lock access to their accounts if they suspect a scammer has gained access to their online accounts.
• Additional two-factor authentication (2FA) within internet banking for high-risk actions such as changing personal contact details, creating a new payee, editing an existing payee, or making payments to unsaved payees. This is required regardless of whether a customer has already completed 2FA in their current session.

Confirmation of Payee will provide BNZ customers with an extra level of assurance when making payments from one bank account to another within New Zealand.

It will help customers be confident that they are paying who they think they are before the payment is made, which will help reduce payment errors and stop some instances of scams and fraud.

From next week, BNZ will start contacting customers to let them know Confirmation of Payee is coming, what it is and how it will work.

“BNZ invests tens of millions of dollars in scam, fraud and anti-money laundering protection each year. As always, we encourage our customers to get in touch with us straight away if they think they may be being scammed,” says Huggins.

 

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BNZ cuts variable home loan rates by 0.50% following drop in OCR, customers to benefit from tomorrow

Source: BNZ statements

BNZ is making changes to its variable home loan rates, passing on the full OCR cut of 0.50%.

BNZ General Manager Home Lending Products James Leydon says today’s decision by the Reserve Bank to cut to the official cash rate and BNZ’s subsequent interest rate reduction will be welcome news for many New Zealand households.

“We are continually assessing our interest rates and looking for opportunities to pass on rate reductions to our customers. Customers will benefit from our latest variable rate change which is effective from tomorrow.

“BNZ will continue to move quickly in response to changes in external factors, including the Official Cash Rate and wholesale interest rates, to ensure we’re passing rate changes on to our customers as quickly possible,” says Leydon.

BNZ’s new variable home loan rates are effective from 10 October 2024
Previous rate: 8.44% p.a.    New rate: 7.94% p.a.

All home loans are subject to our lending criteria (including minimum equity requirements), terms and fees. An establishment fee of up to $150 may apply.

 

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BNZ launches new anti-scam tool to lock scammers out of online banking

Source: BNZ statements

BNZ is rolling out its latest anti-scam and fraud measure, launching an ‘online banking lock’ feature which gives customers the ability to disable all online banking activity and lock access to their online banking if they suspect a scammer has gained access to their accounts.

“BNZ is continually looking for new ways to enhance protection for customers and combat criminal scammers,” says BNZ’s Head of Financial Crime Ashley Kai Fong.

“While anyone who thinks they’re being scammed should call their bank straight away, this new tool – available in the BNZ app – gives customers the ability to lock their online banking while they’re making the call, potentially speeding up the process to lock their accounts and shut scammers out,” says Kai Fong.

Once the online account lock is activated, it disables all current internet banking and BNZ mobile account activity and locks all access.

To prevent scammers from regaining access, customers will need to verify their identity at a BNZ branch to regain access to their accounts.

Customers will still be able to use their cards online, instore and at ATMs while their account is locked, unless they have also chosen to block their card. To minimise disruption, scheduled payments, like rent or mortgage payments, will still go out as scheduled.

Kai Fong says BNZ invests tens of millions of dollars every year in scam and fraud protection measures.

“While there is no silver bullet in the fight against scammers, this is another tool in the anti-scam and fraud toolbox to help protect our customers. It’s just one of a number of new features, BNZ has introduced, including:

  • introducing a way for customers to verify their identity through the BNZ app when prompted by a BNZ staff member to confirm it is the bank calling
  • introducing additional two-factor authentication (2FA) within internet banking for high-risk actions such as changing personal contact details, creating a new payee, editing an existing payee, or making payments to unsaved payees. This is required regardless of whether a customer has already completed 2FA in their current session.
  • deploying ID readers in branch to help identify fraudulent documents

Kai Fong says customers also have a role to play in keeping themselves safe from scams and fraud:

  • keeping account details, passwords and pin numbers safe
  • never clicking on links or attachments sent by someone you don’t know or that seem out of character for someone you do know
  • keeping your computer and phone security software up to date
  • contacting your bank as soon as possible if you think you’ve been scammed

Top tips to stay scam savvy – BNZ will never:

  • email or text you links to online banking and ask you to log in
  • send you a text message with a link to a website, or link to call us
  • ask you for information about your PIN number, bank account number, or password
  • ask you to verbally share the authentication codes sent to you by text or email, even with a BNZ staff member
  • ask you to transfer money to help catch a scammer or a bank employee who is scamming customers
  • send you a text message about account issues with a link to log in
  • ask you to download software to access your Internet Banking remotely
  • use international phone numbers to call or send you notifications.

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New path to home ownership on Māori land: BNZ expands innovative funding framework

Source: BNZ statements

More Māori and whānau across Aotearoa will benefit from home ownership opportunities, thanks to an expanded funding framework that enables lending for housing on Māori freehold land.

Under the expanded model, individuals and whānau who meet BNZ’s standard home lending criteria can secure a home loan for housing on Māori land managed by land trusts or incorporations, at standard home loan interest rates.

This is an extension to Bank of New Zealand’s (BNZ) innovative funding model, initially developed in collaboration with Ngāti Whātua Ōrākei, to support more Māori to achieve home ownership on their whenua (land).

Whetu Rangi, BNZ Head of Māori Business, says the initiative is step forward in addressing the unique challenges Māori face when seeking finance to build homes on their whenua.

“It’s about more than just providing loans; it’s about empowering our people to create sustainable, thriving communities on their whenua.”

About Māori land trusts and incorporations

Māori land trusts and incorporations play a crucial role in the management of Māori freehold land, which covers approximately 1.4 million hectares—about 5% of New Zealand’s land area. This differs from iwi-owned land, which is typically held by an iwi post settlement entity as a result of Treaty of Waitangi settlements.

A significant portion of Māori freehold land is held in trusts and incorporations, which manage the land on behalf of multiple owners. These owners are generally connected through whakapapa (genealogy) and can number in the hundreds or even thousands for a single land block.

The collective ownership structure of Māori land has historically posed challenges for lending. This, combined with restrictions on land transferability, including those in Te Ture Whenua Māori Act 1993, has created barriers to using Māori land as security for loans. As a result, whānau have faced significant obstacles in obtaining individual home loans on collectively owned land, impeding housing development on ancestral lands for generations.

Overcoming barriers to lending

To address this, the BNZ framework uses leasehold mortgage lending practices that align with Māori land ownership legislation and enshrines agreements that ensure property is controlled by the Māori land trust, incorporations and owners, which would take over in the event of a distressed mortgage.

This approach balances the bank’s security requirements with the land rights of shareholders and beneficiaries of Māori land.

BNZ CEO Dan Huggins says extending the framework is about supporting Māori aspirations.

“Developing this framework has taken several years, requiring a significant amount of legal work, and a full understanding of the unique aspects of Māori land ownership. This model respects the collective ownership structures of Māori land and ensures that the land remains a taonga tuku iho—a treasure passed down through generations,” he says.

“We’re proud that we’ve managed to develop a solution that not only can facilitate home ownership on whenua Māori but also acknowledges and protects the deep connection Māori have with their whenua. We hope this approach is the first of many innovative solutions enabling Māori home ownership.”

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BNZ offers support for Otago customers affected by severe rainfall  

Source: BNZ statements

BNZ is offering an assistance package to customers affected by severe rainfall in the Otago region.  

Available immediately, the assistance package includes:  

  • Ability to review home lending facilities on a case-by-case basis. 
  • Access to temporary personal overdrafts to support customers who require access to funds urgently while they await insurance pay-outs. Standard interest rates and credit criteria applies. 
  • Access to temporary overdrafts of up to $10,000 with no application fee for Small Business customers. Standard interest rates and credit criteria applies. 
  • Access to temporary overdrafts for Agri, Business, and Commercial customers up to $100,000, with no application fee. Standard interest rates and credit criteria applies. 

“We understand the challenges that can be posed to households, businesses and communities as a result of severe weather events,” says Anna Flower, BNZ Executive Personal and Business Banking. 

“We’ve put together a range of practical support options to help ease some of the immediate financial pressure our customers might be facing. 

“We also have a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help,” says Flower. 

To discuss support options, business and agribusiness customers should reach out to their BNZ Partner. Small business owners can call 0800 BNZSME, while personal banking customers can access support through BNZ’s digital platforms or by calling 0800 ASKBNZ. 

BNZ PremierCare Insurance customers who need assistance can call IAG NZ on 0800 248 888 or submit an online claim https://iagnz.custhelp.com/app/bnz  

With local authorities in Otago, including Civil Defence, advising locals to avoid any unnecessary travel, BNZ is temporarily closing its Dunedin branches and Partner Centre. 

“It’s important that our customers and our BNZers stay safe. Our teams in Dunedin can work from home and our people who would normally be working in our branches will instead be available to support customers via telephone banking and they continue to do their banking online or through our BNZ app,” says Flower.  

BNZ’s ATM network in the affected areas remains operational, ensuring customers have continued access to cash and basic banking services. 

Customers can check whether their local BNZ branch is open here: www.bnz.co.nz/locations 

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Education key to open banking success, BNZ survey finds

Source: BNZ statements

While many New Zealanders have heard of open banking, few understand its benefits, according to new research from BNZ.*

Open banking gives bank customers the power to control and securely share their financial data with trusted third parties like fintechs.

Access to that data means banks and fintechs can create highly tailored products and services, such as apps that offer insights into spending habits, budget planning and savings goals, or that instantly share financial information with multiple lenders, making it easier and faster to apply for a loan.

“Our survey found that while 60% of respondents have heard of open banking, only a quarter (26%) have some understanding of what it means,” says Karna Luke, BNZ Executive, Customer Products and Services.

“However, after learning more about its capabilities, nearly three-quarters (73%) expressed an interest in using open banking services.

“This shows that New Zealanders are very open to new ways of managing their finances but need the right information to feel confident about using the technology,” says Luke.

The survey also shed light on some risky practices highlighting a need for greater education. Two-thirds (66%) of respondents reported having used payment services that rely on screen scraping. This practice puts users’ data at risk by requiring them to share their online banking login credentials with third parties to access certain services.

“Open banking provides a safe and secure way to share your financial data with trusted third parties without ever having to disclose your banking login details. It’s much more secure than screen scraping, but our survey shows a big gap between awareness and understanding of open banking’s benefits, particularly around security,” says Luke.

Bridging the knowledge gap

Luke says education is key to building the trust and confidence needed to drive greater adoption of open banking and realise its benefits.

“At BNZ, we’ve been collaborating with fintechs since 2018 to develop innovative products and services that showcase open banking’s potential, and we’ve developed content and resources to inform and engage our customers about the benefits. Already, more than 250,000 BNZ customers are using apps and other services made possible through open banking.”

“While we’ve made good progress, there’s still more work to be done to educate New Zealanders about the benefits of open banking and build trust in its capabilities. This will be crucial to ensure that everyone can take advantage of the huge potential open banking offers.”

Luke highlighted the importance of the Consumer Data Right (CDR), which is currently progressing through Parliament as part of the Customer and Product Data Bill. The CDR sets rules around how customer data is shared and managed and ensures legal safeguards are in place to protect New Zealanders.

“While banks have been working hard to build the technology needed for open banking, the CDR will provide the rules and protections necessary to ensure people feel secure and confident using these new services,” Luke says.

“The Government’s commitment to investigate opportunities for early adoption of open banking by government agencies, in line with recommendations from the Commerce Commission, is also a welcome move which could significantly boost public trust and understanding.

“We’re committed to working alongside regulators and the wider industry to ensure that open banking delivers on its promise of greater financial empowerment and choice for all New Zealanders.”

For more information about open banking and BNZ’s initiatives, visit bnz.co.nz/openbanking.

*Source:  BNZ Voice customer panel survey, 18th to 28th July 2024. Total responses: n=355. The profile of participating customers was not controlled for this survey.

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To celebrate the BNZ Kāhu making women’s sporting history, BNZ gifts home game tickets to fans

Source: BNZ statements

BNZ says “To celebrate the BNZ Kāhu making women’s sporting history, it’s our shout.”

Less than a week before women’s basketball season tips off, in a bid to increase access to the hotly contested Tauihi season, BNZ has announced that BNZ Kāhu fans attending home games in Auckland and Whangārei won’t have to pay for general admission tickets.

Last week, the championship franchise revealed BNZ Kāhu’s all-female ownership team of Jo Caird, Jody Cameron, “Georgie” Paula George, Rachel Howard, and Dani Marshall, making New Zealand’s top women’s basketball team the first sports team in the world to be fully owned, managed, and coached by women.

“The feedback we have been getting from across Aotearoa New Zealand has been extraordinary. Our mission is to celebrate and grow our passionate community of fans by making women’s sports more accessible and family-friendly,” says co-owner Jo Caird.

“That all starts at home, where we want our fans to turn Eventfinda Stadium and Whangārei McKay Stadium Kensington into our fortresses. And what better way than a sold-out stadium stacked with screaming BNZ Kāhu fans,” says co-owner “Georgie” Paula George.

Starting this Sunday, when BNZ Kāhu hosts Dunedin’s Southern Hoiho for the first game of the season, BNZ Kāhu fans will be “shouted” their tickets by the team’s naming sponsor, Bank of New Zealand.

“We were already absolutely stoked to have BNZ as a key partner and supporter. And we were committed to welcoming overlooked communities and reimagining the possibilities. Turning that commitment into a reality is so much easier when you have partners like the team at BNZ who believe with you,” says co-owner Dani Marshall.

“It’s an absolute no-brainer,” says BNZ’s Executive Corporate and Institutional Banking Penny Ford.

“What better way to celebrate this groundbreaking team of leaders than by giving them and the brilliant players they support a home stadium filled with passionate fans – all season long,” she says.

BNZ Kāhu fans who have already purchased general admission tickets will have the option to refund their purchase price or transfer that purchase into admission into a brand-new Kāhu Supporters Club.

“Those early bird ticket holders will be some of our most passionate fans. We can’t wait to see them on Sunday,” says co-owner and coach Jody Cameron.

  • Sunday 6 October – BNZ Kāhu hosts Southern Hoiho at Eventfinda Stadium.
  • General Admission tickets to six BNZ Kāhu regular-season home games will be available for free at www.eventfinda.co.nz starting Tuesday 1 October.

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Consumer confidence at its highest since 2023

Source: ANZ statements

“Last week, Consumer Confidence increased 0.8 points, taking the series to its highest level since January 2023,” ANZ Economist, Madeline Dunk said.

“Confidence is sitting just below 85 points, a ceiling it has been unable to break through for 19 months.

“In the 1990s recession, confidence stayed below 85 points for nine months. This week’s rise in confidence was driven by an improvement in household confidence in the economic outlook.

“Confidence about the next 12 months rose 2.7 points and confidence about the next five years lifted 3.0 points. Both were at

their highest levels since Q1 this year. This may be related to last week’s stronger-than-expected labour market data, which showed employment had increased by more than 143,000 in three months, with participation at a record high. This may be easing fear of job losses.

“We expect the labour market to remain resilient and see only a modest lift in the unemployment rate to 4.4 per cent.”

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ANZ continues to support Hyundai Motor Company’s EV Manufacturing with USD1.35b Green ECA facility

Source: ANZ statements

ANZ has successfully closed an USD1.35b Green Labeled K-Sure covered Term Loan Facility for Hyundai Motor Group, funding its first electric vehicle (EV) manufacturing plant in the US, as the world’s third largest car manufacturer continues to invest in the country.

It will help accelerate Hyundai Motor Company’s electrification strategy with an expected manufacturing capacity of 300,000 units annually at its Georgia Metaplant complex.

The Green Export Credit Agency (ECA) backed loan adheres to LMA Green Loan Principles, and reinforces ANZ as a key financing partner for Hyundai Motor Group, acting as ECA and Green Loan Coordinator, Mandated Lead Arranger, and Bookrunner on its past three mandates.

Aaron Ross, ANZ’s Global Head of Project, Export & Asset Finance said, “These deals underscore ANZ’s market-leading position in the Korean ECA sector, delivering low risk, capital-efficient and high-returning facilities that meet our customer needs. We have executed four major EV sector transactions backed by Korean ECAs in the past five years.

“We’re proud to play a role in supporting Hyundai Motor Group’s capital expenditure initiatives as it strives to become a global leader in electric vehicle manufacturing. Leveraging our expertise across Korea, Japan, Singapore, Indonesia and the US, we have been able to consistently deliver smart solutions by integrating sustainable finance to meet Hyundai Motor Group’s strategic and evolving needs,” Mr Ross said.

Previous deals with Hyundai Motor Group include:

  • USD 940 million K-Sure-backed deal for Hyundai Mobis’ EV parts plant located within the Georgia Metaplant complex
  • USD 711 million ECA financing to establish South-East Asia’s first and largest EV battery manufacturing facility in Indonesia
  • SGD 230 million green loan to finance the Hyundai Motor Group Innovation Center in Singapore

ANZ has set a target to fund and facilitate at least $A100 billion by the end of FY2030, including $A15 billion by end FY2024, in social and environmental outcomes through customer activities and direct investments by ANZ. This includes initiatives that aim to help lower carbon emissions, protect nature, increase access to affordable housing and promote financial wellbeing, as described in the target methodology.

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ANZ supports Queensland’s largest affordable housing project for seniors and people with disability

Source: ANZ statements

The project, located in the suburb of Woree, will deliver 490 purpose-built residences including 245 social housing apartments, 223 affordable homes, and 22 specialist disability accommodation (SDA) apartments, ensuring a comprehensive range of housing solutions for diverse community needs.

Supported by the Australian Government and the Queensland Government, it forms part of the State’s Homes for Queenslanders plan and contributes to the target of delivering one million new homes, including 53,500 social homes, by 2046. FCC Construction Australia and Modscape have commenced construction with completion expected in 2026.

ANZ will provide funding for the project alongside Housing Australia and the Northern Australia Infrastructure Facility (NAIF). Housing Australia will offer a grant through the National Housing Infrastructure Facility.

The precinct will also be supported by funding through the Housing Investment Fund and lending from ANZ, Housing Australia and the Northern Australia Infrastructure Facility (NAIF). NAIF will also provide a capital grant. Tetris Capital and Community Housing Limited (CHL) will continue their partnership to deliver and manage social and affordable homes across Australia.

Once completed, the precinct will feature energy-efficient one- and two-bedroom homes for people over 55 and those with disabilities. The precinct will offer independent living support in an inclusive environment with amenity such as landscaped gardens, picnic areas, BBQs, and playgrounds.

ANZ Group Executive, Institutional, Mark Whelan said: “At ANZ, we are committed to increasing the supply of social and affordable housing, with a target to fund and facilitate $10 billion of investment in more affordable, accessible and sustainable homes to buy or rent by 2030.”

“Affordable housing is an issue best addressed by partnerships between the public and private sectors. We are ambitious when it comes to finding innovative solutions and helping the market to adapt and grow. We’re helping to change the market by delivering more of the right housing, in the right locations and at the right price point.

“We are firmly committed to supporting more housing projects, especially in Queensland. The delivery of these 490 new social and affordable homes fulfills the first part of many of those commitments we have made as part of our acquisition of Suncorp Bank,” Mr Whelan said.

Ryan Slocombe, Principal, Tetris Capital said: “Our mission is to deliver projects that not only meet immediate needs but also create long-term value for communities across Australia. The Cairns project is a perfect example of how we turn visionary ideas into impactful realities and address critical social and infrastructure challenges effectively.

“We’re pleased to partner with ANZ to help deliver Queensland’s largest ever social and affordable housing development which is also Cairns’ largest apartment development and Australia’s largest modular construction housing project,” Mr Slocombe said.