Westpac New Zealand has formed a partnership with local financial technology company Akahu to provide more detailed transaction information to its customers.
The new feature allows Westpac customers to click on credit card, debit card, and EFTPOS transactions in their online banking platforms and the Westpac One app to view supplementary details. These include the full business name, its location-sometimes with an embedded map-and contact information such as a phone number or website address.
Simon Macdonald, Westpac NZ Head of Everyday Banking Product, said the additional information aims to give customers increased confidence regarding their transaction history.
"We've all had the experience of looking at an unfamiliar business name or acronym on a bank statement and being unable to remember making that transaction.
We know this can lead to concern from customers that their cards may have been compromised and our contact centre teams currently receive around 900 to 1,000 calls every week from customers querying transactions.
We're really pleased to be working with Akahu to deliver this extra level of detail, saving our customers time and stress."
The volume of customer phone queries about unexplained transactions has been significant, according to Macdonald, contributing to the bank's decision to implement the enhanced information service in partnership with Akahu.
Josh Daniell, Co-founder of Akahu, explained that the company's local presence enables it to enrich a wide range of New Zealand business transactions which assists in clarifying purchase records for customers.
"As a New Zealand-based business, we're able to enrich the vast majority of transactions with local businesses of all sizes and in all locations, meaning we can supply merchant details for everything from a local convenience store in Kaitaia through to a fish and chip shop in Invercargill," Mr Daniell says.
In the coming weeks, the range of information available to Westpac customers is expected to expand further. Planned enhancements include displaying business logos for most merchant transactions, providing further details about the payment method such as whether a purchase was made online or in-store, and additional data for direct debits and bill payments.
Macdonald said the updates form part of a broader effort to improve how purchases appear on account statements, aiming to make them more readily identifiable.
"We're continuing to work hard to help make customers' purchases even more recognisable, more quickly," Mr Macdonald says.
The ability to view enriched transaction details will be available to Westpac customers for the majority of merchant transactions, reflecting a continued emphasis within the banking sector on enhancing user experience and reducing confusion over payment records.
