Financial services

The program aims to improve financial services in small communities

As the world goes more and more digital, it becomes even more difficult for those who struggle with technology or have a weak internet connection.

Add to that a lack of banking services and people in small towns are struggling, so a new scheme sees banks funding financial advisers in those areas.

The New Zealand Bankers’ Association (NZBA) and FinCap provided $5 million to financial mentors in small communities.

“The reason banks wanted to fund this was that there was a small gap in terms of people making the transition, particularly to online or digital banking,” said NZBA CEO Roger Beaumont. .

“The Reserve Bank is in the process of carrying out a major review of the monetary and monetary system. There are also trials of four regional banking centers in smaller communities – the central bank is also monitoring these.

It is hoped that the hubs and the new service will fill the gap.

“That means everything from a younger person who might struggle to figure out how to open a bank account, or an older person who is managing this transition to digital banking, and who has the time and patience to go through with it. them to help them be really confident in learning digital banking in an area that may not have banking services,” said Beaumont.