A bit OT but wanted to mention how impressed I was with ANZ and it's technology when I was in New Zealand. Not that they are completely responsible but NZ banking makes the US look like its still the 1970's.
ANZ has a lovely, clear website and apps where its possible to send a friend 25 cents for a candy bar on a whim for free. Every large entity is in a dropdrown and you can add a friends number and pay immediately or 10pm that night depending on bank.
Canada has quite a few tech early-adopter companies (TD, BMO). It's good to hear another small western country having a similar experience. I've come to develop this theory that smaller modern states are better than vast large "we're #1" ones. Similar to Europe.
We have a lot less bureaucratic baggage to deal with and move much more quickly. Just look at the adoption of Chip/Pin EV security on debit cards. We've have had it a decade before the US and the lack of adoption there is the biggest reason credit card fraud is still a big thing in the infosec world.
I find commonwealth bank (Australia) even better. They're like anz without silly limitations. For some reason anz mobile app people think they improve security by making you log in via separate pin that's input using their custom keyboard, without the ability to paste, and which clears all input field when you switch apps. I see how each of those components sounds like a good idea in isolation, but put together, you simply cannot log in if you use a password manager.
Every business should have this: it doesn't really count as 'technology'.
its possible to send a friend 25 cents for a candy bar on a whim for free
This is more a function of the national interbank settlement system and market norms than the bank in question. In Europe, the numerous national interbank settlement systems and disparate norms were consolidated in to a new European norm: a regulation was passed that cross-border transactions could not be charged at more than national transactions, quickly resulting in (AFAIK) free transactions between any EU accounts/banks/countries.
pay immediately or 10pm that night depending on bank
... the 'or 10pm' part is a disgrace. The way I see it, the twin phrases "close of business" and "next business day" are pathetic excuses for so much anachronism, whenever you hear it you should train yourself to wince and wonder who is shirking modernity.
On the plus side, I remember only 15 years ago ANZ was the first international bank with ATMs in Vietnam ... for years if you wanted to use an ATM in Hanoi, you absolutely had to find ANZ. Laos and Cambodia were pretty similar, though the former had BCEL too, if only in the capital, then a few years later Luang Prabang. However, today, ANZ's lead in these markets has apparently been squandered.
8 comments
[ 2.3 ms ] story [ 21.8 ms ] threadANZ has a lovely, clear website and apps where its possible to send a friend 25 cents for a candy bar on a whim for free. Every large entity is in a dropdrown and you can add a friends number and pay immediately or 10pm that night depending on bank.
We have a lot less bureaucratic baggage to deal with and move much more quickly. Just look at the adoption of Chip/Pin EV security on debit cards. We've have had it a decade before the US and the lack of adoption there is the biggest reason credit card fraud is still a big thing in the infosec world.
Every business should have this: it doesn't really count as 'technology'.
its possible to send a friend 25 cents for a candy bar on a whim for free
This is more a function of the national interbank settlement system and market norms than the bank in question. In Europe, the numerous national interbank settlement systems and disparate norms were consolidated in to a new European norm: a regulation was passed that cross-border transactions could not be charged at more than national transactions, quickly resulting in (AFAIK) free transactions between any EU accounts/banks/countries.
pay immediately or 10pm that night depending on bank
... the 'or 10pm' part is a disgrace. The way I see it, the twin phrases "close of business" and "next business day" are pathetic excuses for so much anachronism, whenever you hear it you should train yourself to wince and wonder who is shirking modernity.
On the plus side, I remember only 15 years ago ANZ was the first international bank with ATMs in Vietnam ... for years if you wanted to use an ATM in Hanoi, you absolutely had to find ANZ. Laos and Cambodia were pretty similar, though the former had BCEL too, if only in the capital, then a few years later Luang Prabang. However, today, ANZ's lead in these markets has apparently been squandered.
Believe it or not I appreciated the 10pm part. It was fast enough, and at least once it allowed me to fix a mistake before it occurred.