Author: Philip vanDyk

Banks take their obligations to maintain customer privacy and confidentiality very seriously. On rare occasions that needs to be balanced with national security requirements.

Our banks stand by their agri clients in good times and bad.That was particularly evident during the dairy downturn. It makes sense for farmers to have a look at their financial management in better times.

NZBA’s acting chief executive Antony Buick-Constable, said: “The report represents an opportunity for the New Zealand banking industry to retain the confidence of our customers and ensure a solid foundation for banking in future. We are ready to take that opportunity.

“As with most businesses bank CEOs have levels of responsibility ordinary staff members wouldn’t have. In the New Zealand banking industry it includes responsibility for around 25,000 staff, over $13b in shareholders’ capital and over $300b in customer deposits.”

Antony Buick-Constable of the New Zealand Bankers’ Association says: “Customer demand for innovation suggests that open banking is something we should be looking at, and it is.”

Buick-Constable said about 80 per cent of the Australian market was floating, whereas in New Zealand 80 per cent was fixed.