“A bank account is like a passport to the economy,” McGrath said. “Without one, you struggle to receive work or benefit payments, pay bills or do many of the other day-to-day tasks that allow you to participate in society.”
While New Zealand enjoys high levels of banking access overall, an estimated 50,000 adults remain unbanked—often due to barriers like lacking formal ID or a fixed address, according to the World Bank.
The Reserve Bank of New Zealand has stressed the need for an inclusive system that enables all New Zealanders to engage fully in economic life.
Designed with inclusion in mind
The pilot builds on insights gathered from the Westpac NZ Access to Banking in Aotearoa and Disability and Inclusion in Banking reports, which highlighted gaps in accessibility for customers in challenging situations.
“Interviewees in that research said banks need to do a better job of serving customers who may be in challenging circumstances,” McGrath said. “We’ve taken those insights on board and are taking this next step by piloting the basic bank account.”
Read More: Westpac NZ unveils basic bank account pilot
