Sunday, June 15, 2008

Kiwibank cements its position at the top

I love the comment made today by Kiwibank chief executive Sam Knowles, after Kiwibank won the third annual Sunday Star-Times Cannex Banking Awards.

Taking a swipe at those silly television commercials in which the big banks strive to be perceived as friendlier than their rivals, Mr Knowles pointed out the obvious: that people are not desperate to have a deep and personal relationship with their bank.

"What people want is good, honest value. The only time they want the bank to be their friend is [when] they want to borrow money," he said.

Kiwibank came out on top in the Awards by sweeping five of the 17 categories, and placing second or third in four others.

In the past year, Kiwibank has introduced a credit card with no annual fee, a rechargeable Visa debit card, and term deposits wrapped up in a tax-advantaged PIE fund. It passed the 600,000-customer mark in February.

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