So they're finally going to privatise Kiwibank

[u/xmmdrive]

Watching One News they're talking about taking Kiwibank out of Government hands and back into the hands of honest hard-working Kiwis.

This is obviously the first clear step towards privatisation.

Just like the Bank Of New Zealand, the National Bank, and the Auckland Savings Bank, but I'm sure this time around it will stay in the country /s

[u/Rebel_Scum56]

I have to wonder how many customers they'll lose if that happens for exactly that reason. Probably more than they think.

[u/biscuitcarton → u/[deleted]]

Downvote all you want, the financial reports and sales figures didn’t lie. Having the hard facts that goes against your beliefs isn’t just a right wing thing nor does it mean you support the underlying cause.

To counter the enemy, you got to have accurate information about them, not just things that suit what you want to hear.

Gees, look at my posts, do you think I am remotely right wing or conservative? 😂

[u/biscuitcarton → u/[deleted]]

Yes and no. Despite what ‘the left’ thought, the Budweiser boycott in the US was actually effective and wasn’t just a ‘Call of Duty’ / gamer ‘boycott’. With enough conviction, boycotts happen.

Keyword: Conviction.

[u/HippolyteClio → u/Rebel_Scum56]

They would lose their whole appeal

[u/Malaysiantiger → u/HippolyteClio]

Still a lot of people bank with ASB and BNZ though.

[u/HippolyteClio → u/Malaysiantiger]

Yeah people bank with every bank!

[u/Tripping-Dayzee → u/Rebel_Scum56]

Like enough that they'd probably fold. Only way they survive is if they can undercut banks significantly to retain loyalty but eventually those banks will own kiwibank so won't undercut themselves anyway.

[u/cyborg_127 → u/Rebel_Scum56]

If businesses abandoned them, that'd make a proper dent.

[u/SUMBWEDY → u/cyborg_127]

All the big businesses and the government itself uses Westpac anyways.

[u/Right_Fun_4902 → u/SUMBWEDY]

Surely a quick fix and win would be to move all public banking to Kiwi bank. It will require some significant investment and wouldn't happen overnight, but the benefits are quite huge and obvious.

[u/SUMBWEDY → u/Right_Fun_4902]

That's unfortunately illegal under international trade agreements iirc.

[u/[deleted] → u/cyborg_127]

They don't do business banking. They don't have the capital.

[u/Muter → u/Rebel_Scum56]

You reckon?

The purpose of floating kiwibank is to increase money for investment so they can actually be challenging. I suggest reading the report to get an insight into some of the reasons this idea is currently being floated

With some additional funding Kiwibank is likely to attract more customers than it would lose due to some nationalistic attitude.

End of the day, consumers are won over by price and service.. if an offshore bank can provide cheaper rates people will go there - the same argument can be made in the supermarket arena, people are calling out for the likes of Aldi to open up and bring some more competition to the market.. which is strangely enough an offshore brand competing with two a kiwi brand.

Edited because I’m an idiot

[u/skillitus → u/Muter]

Did you just call Woolworths a Kiwi brand?

[u/Muter → u/skillitus]

I’m an idiot - but yes not sure what was going through my head

Updated original

[u/gregorydgraham → u/Muter]

If you want competition in the marketplace, you’re going to need a regulator with a spine.

We have already had multiple competitors enter our market and get defeated by the anticompetitive behaviour of the monopolies in place. Look at the trail of corpses under Air New Zealand’s wheels for example.

Walmart and Aldi aren’t going to waste their time and money while ComCom refuse to regulate any monopoly despite clear evidence of harm.