Mortgage top-ups go mobile
Westpac home loan customers will be able to arrange mortgage top-ups via their mobile devices by March.
Monday, November 18th 2013, 3:30PM
by Susan Edmunds
The bank yesterday released its NZ Mobile Banking Report, which found that 64% of the New Zealanders using a mobile device for banking think it gives them a better awareness of their financial situation. More than half feel more in control of their finances and almost 25% say they go into overdraft less often.
More than half the population uses mobile banking and of those people, 41% think it will be the main way to bank within the next three years.
Westpac’s general manager, retail, Ian Blair said: ““Using mobile devices, Kiwis are checking in on various aspects of their finances a lot more regularly and are getting real benefits from doing so. They also clearly want to do more and it’s an exciting time and a challenge we are fully embracing.”
Just over 70% said they wanted to be able to do everything they could on a PC on their mobiles, half wanted to be able to use them for contactless payment and 44% wanted to be able to top up mortgages, roll over term deposits and increase their credit card limits. And 54% said there was no banking activity they wouldn’t consider doing via their mobile device.
Blair said there would still be documents to sign with a mobile top up but as the ability to document things electronically improved, that would be a thing of the past.
He said the mobile top up system would not be available to brokers. “Brokers access things differently. This is for individual customers.”
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