(TCSI): The ANZ Bank is ending its goMoney mobile phone banking service this November, replacing the once popular service with its Pacific App.
Speaking to Solomon Times Online (STO) recently, the bank’s Country Head cited declining use of the service as the reason for its replacement.
Mr. Martin Beattie told STO that historically, the mobile phone banking service was a useful channel for people.
But he said funds deposited in goMoney accounts have gone down by 45% in the past four years, prompting the bank to encourage its local customers to access online banking services through the bank’s Pacific App instead.
The ANZ Pacific App was launched in 2018 and is available to seven Pacific countries, including Solomon Islands, however, only customers accessing the internet will be able to use the app.
ANZ first launched the goMoney mobile banking service in September 2013.
In February 2015 the service had attracted 24,500 customers according to the bank’s records – with 15,500 of them never having a bank account before.
The Australian government signed an agreement with ANZ to expand mobile banking and financial literacy programs in Solomon Islands in August 2014.
Under the agreement, the Australian government provided additional funds to support ANZ improve access to mobile banking in remote areas.
The aim of the partnership was to provide banking services to an additional 65,000 people within three years with an emphasis on women in rural communities.
However, seven years on and with transactions per annum having gone down 77% and active users by 82%, the mobile phone banking service is now coming to an end.
Mr. Beattie attributed this change in customer behavior to a rise in the creation of other preferable methods of banking such as the bank’s Pacific App.
“A relatively small number of our Solomon Islands customers actively use our ANZ Pacific goMoney mobile banking service. Many of our registered goMoney accounts are dormant. We’ve seen less demand for this service from our customers, particularly since we introduced our ANZ Pacific App which has better functionality”, Beattie said.
The ANZ's Solomon Islands Country Head encourages Solomon Islanders to download the ANZ Pacific App to access banking services on the go.
ANZ’s Pacific allows customers to transfer funds between ANZ accounts or with other bank accounts.
Additionally, the app allows ANZ customers to better manage their accounts, pay their bills or arrange scheduled payments and carryout international transfers from anywhere through their mobile phones and hand-held devices.
The app’s added features and functionality have the added benefit of compliance with international and local laws, standards, guidelines and practices.