BNZ online revamp chases youth market

Last updated 11:54 12/02/2013

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BNZ is targeting the increasingly valuable youth demographic of "digital natives" with a major overhaul of its internet banking offering.

The bank launched a new paid product this morning called 'YouMoney'.

Users can open or close as many accounts as they want, which appear on screen as customisable icons in a layout similar to smartphone apps.

Money can be dragged and dropped between the 'buckets', with the ability to set and monitor savings goals, make automatic transfers and graph spending.

The different accounts and saved payees can also be customised using stock photos or uploaded images as icons.

"Internet banking services were designed back in 1999, and they haven't really changed much," said BNZ's online strategy and business development manager Mike Byrne.

The new format was developed in conjunction with a focus group of customers in the 18-29 years target range.

Customers were asked to draw their money on a piece of paper. After a few "awkward silences" and "varying levels of artistic merit", Byrne said they all drew much the same thing.

That was the concept of pots of money, or compartments, each labelled with an individual purpose and linked by the flow of money between them.

The YouMoney product charges a flat fee of $5 a month which covers all transactions except withdrawing cash from another bank's ATM. The fee is waived for eligible tertiary students, apprentices and graduates, and is broadly in line with competitors.

Savings earn 3 per cent interest, also roughly in line with other lenders.

The bank said YouMoney will also be rolled out across smartphone and iPad apps in the near future.

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