ASB Bank
ASB Bank’s vision, set out by MD Hugh Burrett, is to be “New Zealand’s best bank and financial services provider, excelling in customer service”. Last year, it fulfilled this vision with a record result: business growth at twice the average rate of the other major banks and net profit growth of 14%.
ASB Bank has adopted innovation as one growth option for its business, in which products are widely regarded as commodities. This is established as a core business process to create opportunities to capture new revenues and increase profitability, and thereby shareholder return. Targeting the buoyant housing market and achieving record home loan approvals to enable New Zealanders to invest in home ownership, has been one of the bank’s key initiatives.
“Our results were a great achievement in what were the most competitive market conditions experienced in recent times,” says Mr Burrett. “ASB’s continued focus on service excellence, delivering competitive, value-for-money products and services, practical application of innovative technology and retention of a highly engaged team, have been key factors in achieving this market advantage.”
