HGH - Heartland Group Holdings

[Rawz]

I’ve been to a bank branch once in the last 15 years I reckon

[thegreatestben]

Yep agreed, I'm considered a significant banking customer with BNZ and never once stepped in a branch. I don't need cash, what even is a cheque?
Did all of our development finance in a cafe, relationships don't count for anything in the decisions of banks now.

Meet with our personal manager over teams, she's based in the Hawke's Bay. Introduced to her via our broker who I've only spoken to on the phone because he's based in the Manawatu.

[Snoopy]

Yep agreed, I'm considered a significant banking customer with BNZ and never once stepped in a branch. I don't need cash, what even is a cheque?
Did all of our development finance in a cafe, relationships don't count for anything in the decisions of banks now.

Meet with our personal manager over teams, she's based in the Hawke's Bay. Introduced to her via our broker who I've only spoken to on the phone because he's based in the Manawatu.

The problem, with the full commoditization of banks, is that by closing down the branch networks, the commoditisation is largely self inflicted. You fit in as the digital 'cookie cutter customer' or you do not. Carry on down this path and the fact you are a 'large bank' with a history counts for nix, because your cost base is higher and you are pissing off your traditional customer base.

There are some areas where you do need to go into a branch, like overseas currency payments into nominated accounts. I had to do it last week and it cost $28 (ANZ this time) and well over half an hour once I had waited in the queue. And then the teller had to call on back up help to do such a complex thing. If it wasn't for the complication of dealing with financial issues, I am sure most banks would offer far better service. However, the ANZ service was one better than Westpac who simply refused to process my overseas transaction, because I didn't feed my 'salary' through the current account I had with them. This is despite all my dividends and contract work payments going into the said account as they had done for years (I don't have a salary, and haven't had for decades).

SNOOPY

[thegreatestben]

I’d like to see demographics of heartland banks customer. It seems like the only person it can and wants to service is simple, average Joe who doesn’t have overseas currency payments to make or any investment properties.

If I just had one, smallish mortgage it would be an idea service for me but those days are long gone.

How about that 5% boost today though

[justakiwi]

I imagine that a fair few customers will simply be those chasing a higher deposit interest rate. People like me, so yes, simple average Joe people

As I have mentioned before, I have multiple bank accounts with multiple banks, for multiple purposes. I consider banks to be nothing more than a “tool” for money management. I have zero need for branches and do everything online, so a digital only bank works fine for me.

I’d like to see demographics of heartland banks customer. It seems like the only person it can and wants to service is simple, average Joe who doesn’t have overseas currency payments to make or any investment properties.

If I just had one, smallish mortgage it would be an idea service for me but those days are long gone.

How about that 5% boost today though

[fish]

I imagine that a fair few customers will simply be those chasing a higher deposit interest rate. People like me, so yes, simple average Joe people

As I have mentioned before, I have multiple bank accounts with multiple banks, for multiple purposes. I consider banks to be nothing more than a “tool” for money management. I have zero need for branches and do everything online, so a digital only bank works fine for me.

So sensible to have such a system .
My wife was scammed just before christmas-a text message posing as the IRD and they emptied our joint accounts in a few minutes before our accounts were closed .
Took a week before we knew it was all recovered and accounts re-opened .
Intend to open a highlands account today !

[Bjauck]

The problem, with the full commoditization of banks, is that by closing down the branch networks, the commoditisation is largely self inflicted. You fit in as the digital 'cookie cutter customer' or you do not. Carry on down this path and the fact you are a 'large bank' with a history counts for nix, because your cost base is higher and you are pissing off your traditional customer base.

There are some areas where you do need to go into a branch, like overseas currency payments into nominated accounts. I had to do it last week and it cost $28 (ANZ this time) and well over half an hour once I had waited in the queue. And then the teller had to call on back up help to do such a complex thing. If it wasn't for the complication of dealing with financial issues, I am sure most banks would offer far better service. However, the ANZ service was one better than Westpac who simply refused to process my overseas transaction, because I didn't feed my 'salary' through the current account I had with them. This is despite all my dividends and contract work payments going into the said account as they had done for years (I don't have a salary, and haven't had for decades).

SNOOPY

I think Overseas Swift transfers (telegraphic transfer) into your existing account can be done without a visit. Fees are usually charged at both ends. Cheques and cash are obviously different. Are foreign cheques even accepted these days?

I remember several decades ago an Ulster Irish relative sending me a cheque as a gift. It took ages for the foreign currency forms to be filled in duplicate or triplicate by the bank teller at a large Auckland branch of the ANZ. These then had to be checked by the manager, who was in a meeting. It was a long low-tech process, using hand calculators I hadn't seen since the 1980's!

[Balance]

Worth noting : Fitch downgrades Outlook for Australasian banks

https://www.skynews.com.au/business/...e9b6c2047bc9f2

[thegreatestben]

The quote from Fitch in that story states:

"In both countries [Aus|NZ], the risk of a sharper-than-expected economic slowdown and higher unemployment remans a key threat for bank metrics, particularly if this were to push house prices lower than we project"

Could be valid headwinds for HGH but overall they have much lower ratio of residential mortgage lending compared to the big aussie banks.

[GTM 3442]

The problem, with the full commoditization of banks, is that by closing down the branch networks, the commoditisation is largely self inflicted.

<snip>

There are some areas where you do need to go into a branch, like overseas currency payments into nominated accounts. I had to do it last week and it cost $28 (ANZ this time) and well over half an hour once I had waited in the queue. And then the teller had to call on back up help to do such a complex thing.

<snip>

SNOOPY

Which bank are you with?

Our circumstances are probably different, but I use Westpac and the only transaction I can't do online is when I'm sending NZD with no conversion. Which is, of course, the one I do most often