BankDirect general manager James Mitchell says the two are working more closely but the unit's name will stay for at least the short tem. “Some months ago we announced we were bringing the two closer together to take benefit from the ‘economies of scale’.”
Mitchell says the banking environment is completely different to the one BankDirect into which was launched three years ago but he says there is still more than enough room for an entirely virtual bank - even if much of its functionality is now mirrored not only by ASB Bank with FastNet but by all the other online banks as well.
“FastNet is taking on board some of the things we’ve learned so they don’t have to reinvent the wheel.”
Almost all of New Zealand’s major banks have an online banking site, save for TSB Bank, which has no plans to develop one.