Posts tagged ‘banking’


You can’t bank on the Wales (or, why I closed our Westpac account)

31.07.2020

At some point as a young man, my Dad worked at a bank. He had a formal understanding of finance—despite his schooling being interrupted by the Sino–Japanese War and then by the communist revolution, he managed to get himself a qualification in economics, and had some time working for a bank.
   I was taught all about promissory notes, bills of exchange, cheques, honourable accounts, balance of payments and foreign exchange as a teenager. He impressed on me why certain things were sacrosanct in banking, the correct way to draw a cheque, and why the Cheques Act 1993 in this country was a blight on how bills of exchange were supposed to work. Essentially, I grew up with what might have been a 1950s or 1960s idea of what banking is, things that were still mostly observed by New Zealand banks into the 1980s and the 1990s.
   Today [Wednesday, July 29] I opened a new business account at TSB, with whom I had banked personally since 2007, as had Jack Yan & Associates. I will be closing the account at Westpac, because it’s clear to me that they don’t believe in the fair dinkum banking values that my father taught me. By the time you read this, the closure should be a fait accompli, as I don’t wish them to put up more obstacles than they have already.
   Westpac held my mortgage on the old house, of which I had paid off 88 per cent before I sold it. I began my banking relationship with them in 2006, for reasons I won’t go into here. My parents had banked ‘on the Wales’ when they were new immigrants in 1976, and stayed with them for some time.
   Very early on, I noticed how confusing their statements were. You can contrast theirs to everyone else’s in Aotearoa, and believe me, I know: I’ve banked with a lot of people. Trust Bank, Countrywide, POSB, National, ANZ—all the usual suspects that a Kiwi growing up in the 1970s through to the 1990s will have encountered. No, in itself that’s not a reason to leave a bank, but they seem to exist in their own bubble.
   I got caught out once or twice on not getting a mortgage payment sorted because of the confusing statements. And there was one time that Westpac decided to be relentless about it, by setting a bot on me. The bot would call at various hours hounding me to sort this out, with a pre-recorded message, and if you hung up, it would call again. And again. And again. Never mind that you haven’t had a chance to enquire with the bank as to what was going on. This amounted to a breach of the Telecommunications Act, and I put this to them before the activity ceased. And no, in itself that’s not a reason to leave a bank.
   You are stuck with the buggers, and over the years I’d make the payments. As many of you know, some of our companies’ income comes from abroad, which I always regarded to be a good thing, since it helps with foreign exchange and this country’s balance of payments. Twice, I think, I needed a top-up because a client was slow to pay, and I would clear that within 30 days. As interest rates changed (the mortgage was floating), the bank would, from time to time, send a letter saying I could reduce my mortgage payments and still keep to the payment schedule, and in 2010 I took them up on it.
   As some of you know, in 2015 Dad was diagnosed formally with Alzheimer’s disease and eventually I became his full-time carer as his condition worsened, with predictable results on my work. But hey, Westpac has all these posters around their branches with Dementia New Zealand logos telling us how great they are, and how they can help. Since Dementia New Zealand won’t acknowledge or respond to my complaint about this (Dementia Wellington, on the other hand, had), let me publicly say that this is bollocks. My experience tells me that it appears to be a feel-good exercise that counts for nowt for a bunch of arrogant twats in Australia.
   My branch was great. They were decent, hard-working and friendly people, and many of them stayed for years—always a good sign. But outside of the branch is where you’ll find the rot.
   In 2019, my partner and I found a home we wanted to purchase. After Dad went into a home in July 2018 I had begun renovating the old place anyway. The new house was a step up, and by the time we factored in all the costs, we would need to borrow under 20 per cent of the total purchase price.
   Westpac wanted to see the balance sheets, as was their right to, and I’ll say now that they weren’t rosy. Of course not, not when you’ve been a caregiver. However, by this point I had got back in the saddle, and I could show them contracts that we had secured.
   Apparently this wasn’t good enough for that 20 per cent. The fact I had been a caregiver and had an account at a bank which had a Dementia New Zealand endorsement carried absolutely no weight.
   The mortgage officer said that according to the balance sheet, I couldn’t even afford the mortgage. Turns out he didn’t know how to read a balance sheet and the ‘Mortgage repayments’ line therein. And no, in itself that’s not a reason to leave a bank.
   Apparently, the fact my income was coming from abroad was a concern. Yet it was never a concern for Westpac in 13 years when I was paying the mortgage with that foreign income. Earning foreign exchange for your country and helping with its balance of payments are, seemingly for Westpac, a bad thing. I suppose it would be to greedy Australian bankers, who love to see a weakened New Zealand subservient to other nations. If you adopt this viewpoint when examining how Australian-owned publications here behaved (I’m looking at The Dominion Post from that era), then it actually all fits neatly, given their editorial bias. And no, in itself that’s not a reason to leave a bank.
   I know some of you in banking will be going, ‘But there are the anti-money-laundering requirements,’ which I get, but what about the idea of an honourable account? Other than what I outlined above, I was a good customer, and every other bank will tell you the same: I kept honourable accounts. But maybe honour isn’t a thing for Westpac.
   Never mind. We approached two mortgage experts who worked tirelessly for us, and whom I heartily endorse here. Lynne Russell, an old friend of mine, was the first I approached. And Stephanie Murray was referred to me by a good friend from school. Both ladies went to second-tier lenders, told us that the foreign income was the problem, and proceeded to get us the best deal possible. Stephanie won out because of the interest rate, and she noted that the lender, Avanti Finance, was quite happy because I had a good credit rating. But while most Kiwis were enjoying home loans at around the 4 per cent mark, ours was nearer 11 per cent (and this was the lower one). Stephanie, and later my own solicitor, noted that my problem was not unique, and they had clients who were also earning money from abroad who the banks shut out. This is a grand mistake in my book, because these are the very people we should be rewarding and encouraging. You’ve heard of export earners, right, banks? We usually talk about them in positive, glowing terms. Turn on the news. Get schooled.
   We still had renovations to do. At least Westpac would give me a top-up to get that sorted, surely. After all, we had already engaged a builder and he needed money for materials.
   Um, no. Westpac shut off that avenue completely. From memory they could give me a couple of grand, and that was it. This was despite my having a six-figure mortgage that I had whittled down to around a fifth, a relatively small five-figure sum. At all other times, it was fine, even when I enquired about purchasing a car. But not any more. And no, in itself that’s not a reason to leave a bank.
   Harmoney came to the rescue there and we were approved within 24 hours. Interest rate: 14·55 per cent.
   I had set up the direct debits with Avanti using my honourable (or so I thought) Westpac account.
   Except Westpac had one more trick up its sleeve. They seemed intent on making sure we would never move, so, without notice, they doubled my mortgage payments. They kept going on about how I was falling behind. No one at the branch could explain why, not even one of their most senior staff. If I hadn’t caught one of the debits, I would have defaulted on an early payment to Harmoney. Fortunately, I spotted it in time, and pulled some money from a TSB account to plug the gap.
   And no, in itself that’s not a reason to leave a bank.
   But all together, they were reasons.
   We sold the house, discharged that mortgage, and thanks to my very talented partner and her skills in money management and property investment, we managed to get our finances in order. I won’t elaborate on this since I regard this part as private, but let’s say Westpac should have had faith in us since we carried out what we proposed we do.
   It was only when the Westpac mortgage was discharged that the bank apologized for doubling my mortgage payments and gave a reason for doing so.
   Remember that letter in 2010 which said I could reduce my payments without affecting things? Turns out that affected things, and they wanted to grab what they could to make up for lost time. Not that they thought it was important to tell me any time between 2010 and 2019. They only played this at a customer’s most stressful point, and buying a house is one of the most stressful things you can do as an adult.
   So much for me being such a massive risk to Westpac. We told them our game plan to get to where we are today, and we carried it out to the letter. Two well educated, well qualified and intelligent people. Yet we were viewed with suspicion from the first moment we said we wanted a new home. So how do they treat people with less education or with a shorter history? If they are the Dementia New Zealand-friendly bank how do they treat those who haven’t had to deal with dementia? The branch was awesome and did right by us but as they’re not the ones approving things, then I can only expect that others are treated far, far worse.
   I felt they only apologized because they had thrown everything at us and realized we had a greater resolve.
   This experience teaches me that if you’ve kept up a decent history with Westpac, earned foreign exchange, and helped with your country’s balance of payments, then they will shit on you. Since sharing parts of this story on Twitter, I’ve heard of similar unreasonable treatment by Westpac toward hard-working New Zealanders. The moment they learn you need them, you’re on their radar, and they will block every avenue you normally would have—avenues that you exercised literally just months before, like the top-up. Because why have a customer who is freed of their grasp? That’s just not good for business. Better to keep them impoverished and not let them move to a nicer home. Better to let them know who’s really in charge. And, ladies and gentlemen, that explains a great deal about why foreign ownership can be troublesome in so many quarters—and why I’m happy to take this account to TSB. Thanks to Kerry Gribben and Panith Ear at TSB’s Wellington branch for sorting me out and making it totally painless. And Kerry was a total pro in not slagging off a competitor, especially given where he once worked (he didn’t tell me, but he knew a lot about Westpac’s processes!).

I had to choose a New Zealand bank on principle. The Cooperative Bank was on the radar, and they were really friendly, though I thought their charges were a little high and TSB looked better capitalized on the figures I could find. However, my respect goes to Brian Batchelor at the Wellington branch for being thoroughly professional. It would have been nice to have gone there, since Medinge Group banks with Coop in the UK, and a mate of mine who did some contract work for them says that our Cooperative (a different and unrelated entity) are genuine about their promises to customers.
   Kiwibank didn’t even reply to emails when we were trying to get a mortgage, and rejected all PDFs and ZIP files I sent their despite them saying their email systems could accept them. They just gave up all contact, so I figured they didn’t need the business. And I hear they don’t do foreign exchange anyway, which is just bizarre for a state-owned bank that should be encouraging foreign exchange in these economically tricky times. SBS had no nearby branches (technically, Blenheim isn’t that far but you can’t drive there without an amphibious car). Sometimes, you just go back to what you know.

Today (Friday), the day I am posting this. Westpac accounts shut (despite a massive queue at Lambton Quay). Really nice young chap behind the counter. Except I have 35 cheques on which I want the duty refunded. He didn’t know how to do that and wrote down the helpline number. I called that. Eighteen minutes later, the rep there didn’t know how to do that and referred it to my branch. I really need them to pay me back the NZ$1·75 on principle and then I will consider the matter closed.

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Posted in business, globalization, New Zealand, Wellington | No Comments »


The Luddite side of me

14.05.2017

This might make me sound like an old fogey, but doing things the electronic way is only good if that way happens to be more efficient. Not so the AA, which I see has switched to notifying me about my membership renewal via email.
   Here’s what I told them tonight after spending 20 minutes doing it this newfangled way.

Hello there:

I see the AA has sent me an email reminder to renew my membership. Please can you switch back to sending these by post? The electronic experience was terrible.
   1. I never saw the email. It was only checking through the spam folder that I saw it had arrived on the 10th. That was only by chance.
   2. While renewing was simple, the renewal notice that comes electronically does not become a tax invoice when paid—unlike the posted notice.
   3. To get the invoice, I had to go online into the MyAA system.
   4. To get into the MyAA system, I had to sign up again, because my username had expired.
   5. I signed up again but couldn’t have my username because it was taken. No kidding: it was taken by me. Frustrating.
   6. The site isn’t that easy to navigate, sorry. Took ages to find the invoice (‘receipt’). To my surprise, all my old receipts are there, too—so what’s all this about my account having expired? Come to think of it, if it had expired, you’d never have been able to send me any emails over the last few years.
   7. I have to do my own printing, which I’m betting is less eco-friendly than offset printing.
   The old way: the notice would arrive, I would send back a cheque or renew online, bingo.
   If I wasn’t looking through the hundreds of emails in my spam folder—something I do not do regularly—I would never have seen your notice and I would have failed to renew my membership.
   There’s a lot of merit to the old ways, and if it’s not a burden, please continue sending the notices to me via the post—that way [they]’ll arrive.

Kind regards,

Jack

   The expired account BS is something I really tire of. Nvidia did that to me not too long ago, forcing me to sign up again and then saying my own username was taken—despite also saying that I needed to update my drivers. Therefore, (6) above is a very pertinent point, and applies to both organizations. There’s a remarkable lack of logic in claiming an account has expired when you are using the very data from that account to reach that person.
   I find it baffling that companies will lose user data—the Telegraph newspaper springs to mind, as I had signed up there in the 1990s—which makes you wonder just how secure they are.
   At least in the US, the NSA kindly keeps a copy for you …
   It’s not unlike banks telling us that cheques take five to seven days to clear. In 1976, this process was overnight. But if you work for a bank, maybe your computers do work seven times more slowly than the advanced machines Databank had 40 years ago … Sorry, bankers, pull the other one. Some of us actually have functioning memories.

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Posted in business, internet, New Zealand, technology | No Comments »


Brexit reminds us that we need to take a lead in making globalization fairer

28.07.2016

Brexit was an interesting campaign to watch, and there’s not too much I can add that hasn’t been stated already. I saw some incredibly fake arguments from Brexit supporters, including one graphic drawing a parallel between the assassinations of Anna Lindh in 2003 and Jo Cox MP, saying how the murder of the former led Sweden to remain in the EU.

   The trouble with the graphic is that the only thing it got right was that two women were killed. Sweden wasn’t having a referendum on whether to leave the EU, it was about whether it should adopt the euro. The closest British parallel would have been when then-PM John Major negotiated the Maastricht opt-out in 1991. It also claimed that the polls were for leaving; notwithstanding that that wasn’t what the Swedes were voting for, the polls for and against adopting the euro were roughly neck in neck, though the wisdom was that the pro-euro camp would win. By the weekend, the result was that Sweden would keep the krona.
   When I argued with some pro-Brexiters about this, they, like most pecksniffians, demanded I check my facts. I didn’t have to: I have a memory that goes back further than one month, and unlike them, I know what went on in their own backyard because, in 2003, I kept my eyes open.
   I should point out that I am not summarizing all Brexiters as dimwitted Britons who wanted Johnny Foreigner to go home. I count among my closest friends someone who voted leave, and for very substantial, well thought-out reasons. He felt that the European Union had become an unwieldy bureaucracy which benefited Britain little, and while I felt the benefits outweighed the detriments, I respect his opinion and his vote. At least it was considered, and at least it wasn’t one that was based on the ramblings and rants of Farage, Johnson, Gove et al.
   Appealing to nationalism, as the likes of Farage did, is a cheap trick in politics: it stirs a wave of nostalgia, and people might love chanting at how great their nation is, but it doesn’t address the core issues that put them into the poo to begin with. Of course the UK has a great deal to be proud of; but like many countries (including ours) the globalist technocratic agenda are what have made things untenable for a growing part of the population. It’s why real wages haven’t risen yet certain corporations profit aplenty; it’s why we work more hours today than we ever did, despite futurists of a generation ago predicting all this leisure time that we would all have thanks to automation.
   But is retreat the right thing to do? The remain camp believes that it wasn’t: to influence Europe you must be in Europe. It wasn’t that long ago that not being in Europe was fatal to British exports—the failure of the British motor industry, for instance, was in part due to its late recognition that the UK needed to be part of the EEC or, at least, produce vehicles there. Globalization’s positives should be the free movement of people and of capital; and economic union to permit that greater freedom seems a sensible thing to pursue, not to run away from. The trick is how to make this work for everyday people, the growing number who are impacted by globalist forces; once there were few, now few escape them. It is, then, the role of government to either protect those who are most vulnerable, to champion (either through private enterprise or on its own accord) real innovation and industry that can create jobs, and to cut through the BS where both public and private enterprise simply reinvent the wheel from time to time, putting lipstick on the bulldog.
   I am ambivalent about it because I’ve seen our own governments, National and Labour, be particularly weak when it comes to dealing with globalization, succumbing to foreign takeovers and allowing the little guy to be run over. The deals haven’t been good for New Zealand in many respects, a small country that believes in its place in the first world but which can be deluded about this very fact. Our economy just isn’t that solid to take it on the chin. Look at our banks, mostly foreign-owned and more unreliable than ever: remember how 40 years ago cheques would take 24 hours to clear? Yet now our computerized systems take three to five working days? Insiders tell me this is the consequence of less reliable Australian systems being foisted upon us; so much so that we have a wire transfer that has been taking weeks, and no one knows where the money has gone. Just how do you misplace tens of thousands of dollars? Why do we assume Australian bankers are smart enough to answer? And those who question such agenda don’t get much truck in a media landscape also dominated by foreigners: I’m looking at one newspaper publishing group at the least. The ways of the big countries are not always the best—yet somehow the powers-that-be in this country have been hoodwinked by this consistently since 1984. I can’t understand it, and my initial reaction when there is such a lack of logic is to follow the money.
   Brexit has made me refine my thinking: I might not like a system where New Zealand’s the little player that doesn’t benefit from a level playing field, but at the same time I believe we need to find ways to influence the globalist game for the better. We love looking at Scandinavian countries because of their comparable size. They may have higher taxes but at the same time they don’t seem to balk at innovation for the greater good; they believe in the freedom of movement of capital and of people, and, despite their general humility, they actually aren’t afraid of creating global companies that take on the rest of the world. Look at Vattenfall or Statoil. We might not like Statoil for what it wants to do to our own environment, but we do have to ask what our equivalent is. We lost our lead in hybrid cars, which we held for most of the 1980s, but it’s an example of what we can do when government and private enterprise cooperate on something that is future-oriented. What’s the next big thing? Is it renewable energy tech that we can export? There are companies here already doing frictionless exports, and more need to be encouraged. Government shouldn’t try to create groups of them or force mergers upon them; that can be left to the market. But there needs to be a vision or a direction that we take to create a new brand for our country where people naturally think: innovation for the greater good = New Zealand. And, maybe, to go with that, a fairer version of globalization can emerge, certainly one that is not coloured by the next quarterly result demanded by Wall Street.
   Yes, there is some national fervour involved here, too, but applied correctly, it won’t be false flag-waving that’s dependent on the past. I’m all for being proud of your country when the victories are real and measurable—like on the sporting field. There it’s real, and it’s often about the next game or the next season: it’s future-oriented, too. With Brexit, I can’t see the vision; and the most visible foreigner among this, the Turkish-American politician, Boris Johnson, hasn’t communicated one that I can discern.
   And maybe this confusion is the opportunity we need for New Zealand.
   After the UK abandoned the Commonwealth markets in favour of one right next door, our country found new export markets, so much so that the UK accounts for 3 per cent today. Even in 1973, when it was 40 per cent, it had been falling consistently for half a decade, if I recall correctly, and the notion that Britain would reach back out toward the Empah for trade is fanciful at best.
   Being someone who has enjoyed looking at world history play out through maps, ever since I discovered a book on the subject as a third former at Rongotai College, it hasn’t escaped my thoughts that this is a further retreat for the UK in terms of its global influence.
   So who’s on the rise? It might be us. The centre of the global economy has been shifting eastward in recent times and we’re well placed to take advantage of it. We’re part of the Anglosphere so we bridge the past, where it was the dominant global culture, with those trading partners who might be on the horizon. But it has to be real. We’re nimble enough, and I can’t see why we’ve been so fascinated with apeing the US and the UK for so long. Once again we need to set our own direction: we have a culture that’s ready for it with a greater sense of identity than we’ve ever had. I just wonder if we have a government, local or national, courageous enough to embark on this.

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Posted in branding, business, China, culture, globalization, marketing, New Zealand, politics, social responsibility, Sweden, UK | No Comments »


How can we help those fooled into believing what their local brands are?

06.01.2016

How interesting to see a silly Tweet of mine make the Murdoch Press and lead an opinion column—I’m told it even hit the news.com.au home page.
   It’s a very old joke that I’ve told since 2002, when I walked along Bay Road in Kilbirnie and saw a locksmith sign in Futura. Back then, Dick Smith Electronics had its logotype set in ITC Avant Garde Gothic. I really thought it was a Dick Smith sign at a first, fleeting glance, seeing CKSMITH. The joke was born.
   Most in my social media streams got it except a couple of Australians who had likely come across it via Murdochs a day late, one calling me ignorant (not sure how you can get that from one Tweet), and another ‘ahole’ (is this a misspelling of aloha?). As the funniest guy in their media is John Clarke, who was born in New Zealand, maybe humour doesn’t reach a couple of households there if it has to be imported. And the number of times John’s taken the piss about us, to my thorough enjoyment, means that some of us can take a joke. Perhaps we just have a sense of humour. We have to: it was the only way we could deal with our PM appearing on The Late Show with David Letterman. It is, to quote the man, ‘a bit of banter. No drama.’
   The false indignation “on behalf of others” is always a comical one, because it’s usually founded on a misplaced and unjustified sense of superiority. During a political campaign, they’re the ones I find the most humorous and least authoritative. Thick skin came with that territory.
   Neither deserves a response beyond what I said on Twitter, but the second one (with a fresh new account to troll from, always a good sign of someone who won’t stand by their words) highlights a point that I have made on this blog before.
   “Ruby Pond” notes, ‘The guy is pure Oz and started when you were in nappies and tried! Stick to your foreign companies, they really help Oz.’ I’m not sure what I was tried about, not having been to court while I was in nappies, but maybe she’s depending on the fact that not everyone remembers back to their infancy.
   Well done. She got this from an American-owned newspaper website (remember, Rupert’s no longer an Australian, nor is the HQ in Australia and hasn’t been for a long, long time), and, for the record, I’m not as old as the business that Dick founded. There’s also a suggestion that I must be Australian, because, after all, everyone on the planet must be. No other countries exist. I didn’t want to get into trans-Tasman rivalry in such a situation, nor was it appropriate to give a list of Australian corporate misdeeds in New Zealand. The term off-topic springs to mind.
   I told her, ‘Stick to your foreign media, they really help Oz.’
   Hers is that simplistic thinking that gets people supporting foreign-owned businesses when they believe they are supporting local ones.
   Dick’s been one of my personal heroes since his solo helicopter flight and I’ve been a customer of the chain he founded since I was old enough to buy my own tech gear. Entrepreneurs like him are the ones I’ve always encouraged, through mentoring and through my policies. However, the sad story of the company, no longer owned by Dick, is one of corporate greed—which the founder himself has been critical of. We haven’t learned the lessons of so many economic crises: Gordon Gecko’s mantra of ‘greed is good’ continues to drive the corporate world.
   The reason so many multinationals buy local brands is to fool the public into thinking they’re supporting their own. We’re guilty of it ourselves, and I recall using the examples of Just Juice and most of our local newspapers on this blog. People closed accounts at the National Bank when it became ANZ here, because of a suspicion of, dislike of, or rivalry with Australia, perceiving National to be a local bank. The problem there: ANZ had owned the National Bank for years before the rebranding of its own subsidiary, and prior to that it was part of Lloyds TSB in the UK. A lot of Australians think Ford and Holden are domestic players (though, oddly, not Toyota, which probably builds as many, if not more, cars there), just as many Britons still think they are buying British when they shop at Ford and Vauxhall.
   The situation with news.com.au differs slightly in that that business was started in Australia by Rupert Murdoch’s Dad, and it has grown from there—but the fact remains that its HQ is overseas and that’s where it pays its tax. Help to Australians: not a lot. The Murdoch Press’s globalization agenda won’t be one that the “buy Australian” crowd would support for the most part.
   But this is how brands work, because they encourage us to make mental shortcuts for the products and services we consume. I’ve devoted a good deal of my professional life to it. Some should encourage scrutiny because of the power they have (Wally Olins noted, many years ago, how some brands need to adopt notions that were once reserved for states), and it was hoped that, post-No Logo, we would be more inquisitive about the backgrounds to the organizations we support.
   Even though it’s our money and time, the sad thing is that this level of inquiry remains the province of the few, those people who are willing to scrutinize their own behaviour and practise what they preach. Social media have helped spread news of corporate misbehaviours (Volkswagen will attest to that) and more people are aware; but to counter that we get more information than we ever used to, and unless something resonates, will we just forget it?
   Therefore, it can only be something where people who have done the proper investigation get to have a say. And like all human endeavours, it can be scammed, so safeguards have to be built in.
   One of the reasons the Medinge Group awarded its Brands with a Conscience accolades for close to a decade was to champion the organizations that were getting it right, inviting transparency and scrutiny, championing good corporate citizenship, and engaging in socially responsible programmes. Among them were companies devoted to doing things right by the communities they were present in, whether it was Dilmah Tea, Tata Steel or Hennes & Mauritz.
   By our championing them, selected by a think-tank of leading brand professionals, we would be able to highlight shining examples of branding, as well as give them the sort of boost they deserved. If positive companies could increase their custom, and if positive non-profits could increase their influence, then we can do some good in the world.
   As people rightly want shortcuts in their busy daily lives, then the work at Medinge, if seen as an endorsement, would help them make a decision about whether to deal with that organization or not.
   It’s nice to be in that bubble, which makes me ever-grateful to get reminders that we still have a lot of work to do. If you’re genuinely desirous of helping your own, then we need to help create more ways of reminding people which organizations do just that. The Brands with a Conscience programme was definitely a very good way of doing it. What shall we do, in the post-peak-Facebook world of the second part of this decade, to get word out? Is it through video, thanks to greater bandwidth, that allows us to experience and understand more? Is this the coming of age of some form of virtual reality? Or, as we did when we first started exploring bulletin boards and email, time again for us to reach out to people in communities very foreign and different to ours through video chats—something like Google Hangouts but actually with people? (Yes, I know, Google fans, I was taking the piss.) Is Skype the service on which this can be built?
   I would have said that technology is the great democratizer, and maybe more of us should be giving out awards to truly deserving organizations, voted on by more of the public. But we come across the issue of quality versus quantity again: the Reputation Institute surveyed 60,000 people in 15 countries and still wound up with Nestlé among the most reputable firms in the world. Nestlé may do very good things in some quarters, but it hasn’t been able to avoid a lawsuit by environmental and public interests groups in California over its water-bottling operation there, or accusations by activists who believe the company wants to privatize water at the expense of public health. Volkswagen was there in the 2014 survey. We decide on image, and that image is the very thing that gets us making bad choices.
   The next innovators are already on to it, and we don’t even know that we seek it. But, in order to self-actualize, maybe organizing us—individuals, not corporations—into global communities is the next stage. We have seen Kiva work so positively, so how about making it more interactive? Naturally we will tend to choose to help those in our own countries first—crowdfunding campaigns show us that—but allowing us to understand another human being’s situation could be the challenge in a time when governments pursue their austerity agenda. Somehow, we can restore, at least to some degree, the optimism we had when we in the first world accessed the World Wide Web for the first time.

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What’s on the door can count more than who runs the shop

06.02.2013

I walked into the National Bank yesterday to sort out something for Dad—years ago, we gave each other signing authority on our accounts. They had misplaced that authority—a bit worrying if a bank doesn’t hold on to things over 10 years old—but, with the transition of the National Bank branding to ANZ, it reminded me of an interesting phenomenon.
   Most folks know that ANZ has owned the National Bank since the early 2000s. There were always rumours that the Lloyds horse would be retired as the licence would expire, and that eventually, everything would bear the ANZ brand collateral. ANZ had sent out letters in the past talking about the acquisition, but that everything would stay the same—until last year, when it said that it would finally take the best of both organizations and combine them under a single ANZ brand.
   Fair enough. It might mean the closure of branches where both banks existed, for cost savings, but it was inevitable.
   The surprise was this: the announcement of the rebranding of the National Bank brought mass defections to other banks. Westpac, Kiwibank and TSB mounted campaigns to attract departing National customers. My friends at TSB, where I have banked happily since the late 2000s, said potential customers came in, with at least one commenting (ironically to the Australian-born staff member there), ‘I hate Australians.’
   But to those Aussie-hating National Bank customers: you have been banking with Australians for the good part of the past decade, and the only thing that will be changing is the logo on the façade.
   There was no ownership change, no change on the board of directors, nothing.
   It brings home that people can be loyal to an organization simply of how it looks to them outwardly, even if, inwardly, it’s owned or run by people they might “hate”.
   There’s nothing wrong with this behaviour, but it’s something for branding consultants and advisers to bear in mind: never underestimate the effect of brand loyalty even in an age where we advocate transparency. There are some that opt not to peer behind the corporate veil.
   This is the reason that certain publications are still seen as locally owned even when their share holding in the Companies’ Register says differently, or that no one seems to mind that the vast majority of our New Zealand fruit juice brands are in the hands of Japanese and American companies. Just Juice and Fresh-up aren’t really competitors, just as ANZ and the National Bank have not been for years.
   At the end of the day, does any of this matter? A little, if “Aussie-hating” stems from an opposition to profits heading offshore rather than, say, TSB’s community trust. It’s not very ANZAC of anyone to hate our neighbours, but if folks truly think this way, it’s worth understanding just whom owns what, and do your business or shopping accordingly.
   The same rule, I might add, applies to political parties: does “your party” actually stand for the values you think it does? Or, for that matter, does your preferred political candidate?

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Today’s adventures with US dollars and New Zealand banks

14.11.2011

National Bank Asian Banking
Above: I’m Asian, and I want banking. National Bank gets me again. (For that story, click here.)

Out of the businesses I have, one is unincorporated, and it has a US dollar bank account based in New Zealand. Over the years, it’s been at numerous banks, and was at the ANZ.
   Until the ANZ began charging a deposit fee for foreign cheques. It seems that the ANZ does not understand the basic principle that a deposit is a loan by the customer to the bank. I would only accept such a fee if, when borrowing money from the bank, I can charge it a Jack Yan Is Good Looking and Humble fee, but, alas, the bank said it would not accept such a term, nor such an outrageously false name.
   So the account went over to the TSB, still my preferred bank by some margin, but it would have to be a term deposit—that was the rule back in 2006. However, I was advised that it could be turned into a call account, which sounded closer to what I had at the ANZ, but without the ridiculous deposit fee. That would work for me—plus I needed an account where I could deposit US dollars and not be a two-time loser on the exchange rate when depositing and withdrawing money because of using a Kiwi account as an intermediary.
   Unfortunately, the rules have changed. TSB will only open a new account for foreign currency for legal persons, and an unincorporated business is not a legal person. That’s fair enough, though it doesn’t help me. HSBC, for whom TSB acts agent, is in the same boat after I enquired there today about its market currency account. However, I should note that, unlike many other businesses, I had a competent person on the phone who could answer all my questions with only a total of one minute on hold.
   So, what are the alternatives? After visiting several banks, I don’t believe I have any answer.
   Kiwibank, a division of Johnny Foreigner Bank (2013) Ltd., did not know. The teller believed that I might be able to, but it was done over the phone, not in person. She was unsure how I could deposit cheques over the phone. I couldn’t find the slot on my phone where I could insert a cheque.
   The National Bank, a division of ANZ, still charges a deposit fee. I was shocked to learn that the fee has increased to NZ$15. I was pretty sure it was NZ$5 when I left the ANZ group. Stuff that. Enough horsing around.
   The BNZ, a subsidiary of yet another Australian bank, was unable to advise me whether I could open an account without my making an appointment.
   I have yet to try Westpac, where Lucire Ltd. has its account here, but Lucida turns me off. I may have to check them out next, but I would really prefer a New Zealand-owned bank. As I write this, I realize there’s also the Auckland Savings Bank, also owned offshore, but they may be able to accommodate me (goodness, a decade of Goldstein and it’s still not in my consideration set?). Might have to be a trip into Bay Road tomorrow.
   Where does John Key keep his $50 million? Maybe that’s where I should put these funds.

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Posted in business, humour, New Zealand, USA, Wellington | No Comments »