Payment flexibility and financial wellbeing can go hand in hand

The pandemic accelerated this trend with a range of indicators pointing to weaker demand for cash for transactional purposes, including lower cash withdrawals from ATMs and subdued demand for low-denomination banknotes, according to the RBA report.

At ANZ we’re seeing many of the same trends in our data. Card spend via digital wallet increased 75 per cent so far in 2022 on the same period in 2021 - but it has more than quadrupled compared with the same period in pre-COVID 2019.

At ANZ we are committed to improving the financial wellbeing of our customers and supporting this with more flexible ways to pay.

"Customers can choose the repayment term to manage their cashflow best, tapping into an instalment solution whenever they need it."

Financial wellbeing

This commitment is central to our purpose as a bank and has been incorporated into every layer of our strategy. Financial wellbeing isn’t something we talk about to then store away on the top shelf. It’s always present and guides everything we do – from serving our customers to designing new products and services.

A good example of helping our customers make payments in a financially responsible way and helping them make the most of their money is our recent launch of Instalment Plans for credit card customers and the introduction of Cashrewards into the ANZ App.

Customers have told us they’d like more flexibility and control over how they manage their money, seeking self-serviced solutions they can manage conveniently in one place - their ANZ App.

ANZ Instalment Plans is a simple money management tool that delivers flexibility and allows eligible credit card customers to apply to convert an Amount¹ of their current purchases balance onto an instalment plan and repay it in monthly chunks.

The instalment plans allow eligible credit card customers to continue enjoying the credit card perks they’re used to including rewards points, insurances and fraud protection.

Whether it’s paying for an unexpected bill like home repairs or dental or making a large purchase like a new fridge or a holiday, with ANZ Instalment Plans eligible credit card customers can pay off the Amount¹ they have enrolled in the Plan  bit by bit by applying for a repayment term that best suits their needs from 3, 6 to 12 Instalments – it’s up to you².

Instalment plans for credit card balances is just the beginning though. We’ll continue to build out the features with enhancements that will allow customers to use Instalment Plans for individual purchases and point-of-sale transactions instore and online with our partner VISA.

Rewarding customers

It’s not just flexibility and control customers are looking for, it’s rewards too. With that in mind we have also enabled access to one of Australia’s leading cashback programs Cashrewards into the ANZ App.

We know our customers are looking for ways to boost their savings and with Cashrewards they can receive a tangible reward for their spending.      

In line with our financial wellbeing focus, the cashback offers from Cashrewards help customers make the most of their money by earning a portion of their spend back in cash when they withdraw it from their Cashrewards account into their bank account.

We’re excited to help customers discover new businesses and brands while unlocking more value in their shopping. With over 2000 popular brands and counting, Cashrewards is a win for both participating merchants and our cardholders.

Incorporating Instalment Plans and Cashrewards in to the ANZ App can help to improve our customers financial wellbeing and make the most of your money.

Giving customers tools to help their bottom line sounds like a compelling proposition.

Maile Carnegie is Group Executive, Australia Retail at ANZ.