Westpac, New Zealand's second-biggest bank by assets, is continuing its push toward digital technology, where it sees more services will be delivered, and has launched a free budgeting application for smart mobile phones.
The local unit of the Australian bank has launched the application after an online survey found a glaring hole in New Zealanders' budgeting nous. Westpac's move is the latest in a series of initiatives to increase its digital footprint towards where it sees more mechanical banking transactions taking place.
"We think banks are going to change enormously in the next decade," Callum Wilson, general manager of strategy, productivity and innovation told BusinessDesk. "It's absolutely going to be about social media, mobile, and a whole suite of digital interaction, and we need to get on the front foot."
Westpac has already launched a mobile app that lets people put cash into savings at the touch of a button, and another ap that gives them an update on their bank balance.
The bank's cash-tank app gets about 20,000 requests a day, and was driven by the 100 million annual balance queries Westpac receives.
