Reducing economic harm – there’s plenty of work to do
November 30, 2021
When we think about customer vulnerability at BNZ, we start from the basis that there’s no such group as ‘vulnerable customers’.
That suggests it’s a group of customers that are easy to define which is not the case. The reality is that everyone can experience vulnerability, everyone can have something going on in their lives that puts them at risk of a experiencing a poor outcome.
It’s our job to identify vulnerability, to understand the circumstances and what is putting a customers at risk and ensure that anything we do as their bank doesn’t inadvertently make things worse but instead supports, where we can, to make things better.
Banks have a significant role in people’s lives. Our products and services help people function in society – we give them the ability to buy and sell things, to pay and get paid, the finance to make significant purchases like houses and cars, or the finance to turn an idea into a business. We help people get ready for the future and retirement with savings accounts, investment accounts, KiwiSaver, and all the financial advice that goes along with it.