BlinkPay expresses support for the Commerce Commission’s investigation into personal banking services
BlinkPay, a pioneering fintech company based in New Zealand, committed to advancing financial inclusion and innovative banking solutions, has welcomed the questions posed in the Commerce Commission’s recent paper “Preliminary Issues: Personal Banking Services” dated 10 August 2023, which explores the current landscape of banking in New Zealand and underlines the importance of consumer choice, transparency, and competition. The paper provides an interesting analysis of aspects of the banking industry, including the role of banks, fintech, the importance of accessible personal banking services, and the digital divide. It recognises the government's efforts and commitment to bridging these gaps, and seeks feedback to further enhance financial inclusivity.
BlinkPay's Chief Product Officer, Adrian Smith (Ngāpuhi), expressed appreciation for the paper's approach. "This paper offers a great starting point for assessing the personal banking space in Aotearoa, although some additions could be made to create a fully-rounded view of the state of personal banking services. It is our belief that there are attitudinal and behavioural factors at play, as well as the after effects of the financial measures introduced during the COVID-19 pandemic that also need to be considered. Having said that, we are pleased to see the alignment between BlinkPay's vision and the paper's focus on promoting financial products tailored to Māori."
The paper explores the competitive landscape of the banking sector, shedding light on New Zealand's comparatively high return on equity (ROE), competition levels, pricing strategies, and potential disparities in service offerings. BlinkPay sees these observations as critical data points for assessing the New Zealand context.
"As a pioneering fintech company in New Zealand, BlinkPay is fully invested in understanding and actively participating in finding solutions to the questions posed in this paper," added Smith. "We commend the research's attention to consumer rights and are eager to contribute to an Aotearoa where people are more informed and have options that may be better suited to their needs."
BlinkPay appreciates the deep dive by the Commerce Commission into the dynamics of the banking industry, and applaud the proactive efforts to improve accessibility, competition, and customer experience within the financial sector.
For a comprehensive insight into the transformative products being developed by BlinkPay to foster financial inclusion and drive innovation, we invite you to explore our offerings at www.blinkpay.co.nz.