Te oranga ā-ahumoni
Financial wellbeing
Te oranga ā-ahumoni
Financial wellbeing
Support the financial wellbeing of Heartland’s customers and communities
Supporting borrowers to self-manage their loan repayments and avoid arrears
Heartland Bank successfully implemented new ‘manage loan’ app functionality in October 2024. This feature provides overdue Motor Finance customers the flexibility to self-manage their loan repayments digitally via the Heartland Mobile App. Since implementation, over 5,300 customers have self-managed their way out of arrears amounting to almost $2.4 million repaid via the Heartland Mobile App.
Enhancing the Heartland Mobile App
Update loan repayment date and frequency: Heartland Bank released a feature within the Heartland Mobile App enabling Motor Finance customers to update their direct debit or direct credit repayment date and frequency.
Successfully implemented Confirmation of Payee (CoP): The Confirmation of Payee initiative led by the NZBA went live in November 2024. CoP aims to enhance the security of online banking transactions by verifying the payee's account details before completing a payment.
Other updates to the Heartland Mobile App included allowing users to select their preferred method of contact with Heartland Bank. Almost half (46%) of accounts have been set to receive communications via online channels, reducing Heartland Bank’s requirement to print and post letters.
Fraud detection
Heartland Bank has implemented a fraud detection and mitigation system, with coverage being progressively extended. A progressive approach is being taken to manage appropriate customer experience and support integration with Heartland Bank’s broader fraud and scam mitigation programme of work, ensuring alignment with industry standards and commitments.