In 2019, BNZ launched BNZ KiwiSaver Scheme Navigator (Navigator), a tool for their bankers to use to help customers see what a difference small tweaks could make to their BNZ KiwiSaver Scheme investment.
BNZ embarked on a journey to upgrade Navigator in 2023. Spearheaded by General Manager, Wealth and Insurance Partnerships – Ryan Wilson alongside Senior Product Manager – Wealth, Sheryl Kelly, this upgrade was driven by a desire to provide better outcomes to customers looking to navigate their financial futures.
Motivations for the Upgrade
The decision to upgrade the Navigator tool was prompted by a recognition that customers want more help from their bank in achieving their financial goals. Ryan states, “We wanted to offer more guided advice to our customers. Our current conversations could take a long time and may not give enough direction to some customers about whether they were on track or not”.
BNZ also wanted to beef up the logic behind Navigator and ensure it offered personalised, high-quality advice that took into account a customer’s goals and unique situation.
“We see the OMNIMax team as leaders in their field.”
Advanced Monte Carlo Algorithms
The upgraded Navigator not only offers a guided and compliant advice process but also stands out due to the technology behind it. Built using OMNIMax’s framework, the tool utilizes API-based algorithms that use the power of data-driven decision-making. The inclusion of Monte Carlo simulations within these algorithms is a notable feature, allowing Navigator to account for market volatility and model the probability of different outcomes in various financial scenarios.
Another Successful Collaboration with OMNIMax
BNZ’s decision to work with OMNIMax again was based on the success of their previous collaboration. This previous experience, not only during the development phase but throughout the product life cycle, solidified OMNIMax as a trusted business partner for BNZ. “We see the OMNIMax team as leaders in their field. Their expertise was crucial in sound boarding ideas, collaborating on design, and ensuring the successful implementation of the new Navigator,” says Ryan.
Further Enhancing the BNZ Customer Experience
Navigator builds on the success of the original version by further empowering BNZ customers to take control of their investment in the BNZ KiwiSaver Scheme. “Navigator enables us to break down the complex topic of retirement or first home savings so that customers feel like they are more in control of their big life goals,” Sheryl says.
One of Navigator’s new features gives clear feedback about whether a customer may be on-track or off-track to meet their retirement or first home savings goal based on the information provided to the bank. Bankers can discuss this feedback with customers and offer suggestions on how to get (or stay) on-track.
The tool can also provide fund recommendations for the customer after considering their goals and desired risk profile. The BNZ KiwiSaver Scheme has newly launched a high-growth fund, increasing the fund options available to customers.
“Navigator enables us to break down the complex topic of retirement or first home savings so that customers feel like they are more in control.”
The Positive Impact on BNZ Bankers
Feedback from BNZ bankers has highlighted the positive impact of the upgraded tool. It can be used in person and over the phone to provide a consistent advice experience to customers. According to one banker, “I really enjoy the guided conversation with customers. Gathering their attitudes on risk has been interesting, and I love the wrap-up that lists the changes (the customer has agreed to make) and suggests a review.”
Navigator also includes a training mode, which has been invaluable in helping bankers learn and practice with the new tool.
Conclusion
The upgraded Navigator marks a significant milestone in BNZ’s commitment to delivering quality advice and empowering its customers and bankers to have robust conversations. Through a successful collaboration with OMNIMax, Navigator now stands as a testament to innovation, using advanced algorithms to provide personalized and data-driven advice.
“We want customers to feel like they have been heard and to have something useful to take away after they talk to us. At the end of the day, we’re working to achieve even better outcomes for our customers,” says Sheryl.
Important information
BNZ Investment Services Limited, a wholly owned subsidiary of Harbour Asset Management Limited, is the Issuer and Manager of the BNZ KiwiSaver Scheme. Download a copy of the BNZ KiwiSaver Scheme Product Disclosure Statement, or pick up a copy from a BNZ branch.
Investments in the BNZ KiwiSaver Scheme are not bank deposits or other liabilities of Bank of New Zealand (BNZ) or any other member of the National Australia Bank Limited group. They are subject to investment risk, including possible delays in repayment. You could get back less than the total contributed. No person (including the New Zealand Government) guarantees (either fully or in part) the performance or returns of the BNZ KiwiSaver Scheme or the repayment of amounts contributed. National Australia Bank Limited, the ultimate owner of BNZ, is not a registered bank in New Zealand but a licensed bank in Australia and is not authorised to offer the products and services mentioned on this webpage to customers in New Zealand.
BNZ Investment Services Limited (BNZISL) uses the BNZ brand under licence from BNZ, whose ultimate parent company is National Australia Bank Limited. No member of the FirstCape group (including BNZISL) is a member of the NAB group of companies (NAB Group). No member of the NAB Group (including BNZ) guarantees, or supports, the performance of any member of FirstCape group’s obligations to any party.
This article is solely for information purposes and is not intended to be financial advice. If you need help, please contact BNZ or your financial adviser. Neither BNZ nor any person involved in this article accepts any liability for any direct or indirect loss or damage arising out of the use of, or reliance on, all or any part of the content.
