Conclusion: positive customer feedback and over 7000 uses in 3 months
The team at BNZ have noted a strong and steady stream of positive comments from their customers. One BNZ customer praises the tool saying “during a financial health check the Banking Advisor showed me how much savings I would have at 65 years old if I continued with my current contributions. That was an eye opener, I almost felt panicky. She then showed me the difference it makes if I just put in ten dollars per week in voluntary contributions. That’s only the equivalent of two coffees a week and it made a huge difference! Awesome!”
There has also been an impressive uptake in the use of the tool from BNZ staff, with around 7000 uses of the tool in the first three months. BNZ staff are also finding the tool an invaluable asset, “after doing the KiwiSaver Navigator training I started trying out different scenarios for myself and my family to see where I’m at with my retirement savings. That was a bit of a shocker as it was far away from what I had envisaged. When I played around with the contributions I realised that I can still get there and live comfortably in retirement. It was a big relief. I realised that I only needed to change my contributions a little to significantly up my savings. It will even be achievable to buy that house earlier!”
Forster and the BNZ team know that a few small KiwiSaver tweaks can have an enormous impact on consumer outcomes. Now, with the KiwiSaver Navigator tool, they have another compelling way to give their customers the right information to make informed choices.