Magazine article New Zealand Management

NZ,COS MOST REPUTABLE STATE-OWNED ENTERPRISE: KIWIBANK : Kiwibank Steals a March

Magazine article New Zealand Management

NZ,COS MOST REPUTABLE STATE-OWNED ENTERPRISE: KIWIBANK : Kiwibank Steals a March

Article excerpt

On reflection, KiwibankCOs arrival on the New Zealand financial services scene could not have been more exquisitely timed. Its outstanding performance in NZ ManagementCOs first Most Reputable Organisation survey is, given banking industry events since 2008, therefore hardly surprising.

As the judges said at last yearCOs Deloitte/Management magazine Top 200 Awards in which the bank was an award finalist: C[pounds sterling]Kiwibank has stolen a march on the established trading banks that have for so long dominated the New Zealand financial sector.C[yen]

But, as the bankCOs successful and soon-to-leave chief executive Sam Knowles said in response to learning of KiwibankCOs ranking as New Zealand Most Reputable SOE: C[pounds sterling]Our strong reputation has been built on trust.

C[pounds sterling]We have not over-promised and we have delivered on what we have said,C[yen] he added. C[pounds sterling]We have challenged the established banks and made a difference. That is what we said we would do.C[yen]

The survey respondents, it seems, agree. They rated the bank first for its C[pounds sterling]clear and compelling visionC[yen] and almost as strongly for its consistent delivery of customer promise and service and its strong and effective leadership.

Reputation is, says Knowles, critical in a competitive market which the banking sector unquestionably is, the fiasco of the past couple of years notwithstanding.

In his opinion, the bank has quickly established a C[pounds sterling]reputation for delivering on promises, being fair and being known for innovation which all helps differentiate Kiwibank from its competitorsC[yen].

According to Knowles, innovation drives the bankCOs strategic approach. C[pounds sterling]Innovation is critical,C[yen] he says C[pounds sterling]whether it be through new products, new developments in IT or new ways to deliver service. Equally, focusing on our customers by always doing what we say we will and doing what is right, is critical.C[yen]

Knowles rates reputation-building strategies among the organisationCOs key measures for success. C[pounds sterling]Reputation and trust are locked together,C[yen] he adds.

According to Knowles, a great reputation delivers tangible outcomes. C[pounds sterling]It drives competitive advantage and encourages customers to consider their options and make critical decisions on which bank is right for them. Consequently, Kiwibank continues to attract more than 1500 new customers a week,C[yen] he boasts.

C[pounds sterling]Perception can be intangible, but public perception of the bank as honourable, honest and trustworthy is solid gold. …

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