Healthy demand for workplace banking
ME Bank plans to roll out services to 70 more workplace-based banking locations in the next year, adding to the 83 already installed since the program was launched in July 2011. The following year, 2015, it plans to add another 100.According to Ian Hendey, group executive for sales at ME Bank, in those locations where workplace banking has already been rolled out there has been an eight per cent take up among the target market. Of that cohort, 43 per cent have gone on to buy a banking product in the first year.Various organisations, including Visy, Coles and Woolworths, have embraced the concept of workplace banking, although it is health services, such as Ramsay Health, that have been among the most enthusiastic, according to Hendey. These account for a quarter of all the workplace banking locations.While ME's workplace banking service is generally targeted at organisations with 200 or more employees, four larger sites, with more than 1000 workers, have been testing bank kiosks. These have been developed by ME Bank in association with Cisco and Telstra. They bring together an ATM, internet banking and video technology, to allow customer-banker teleconferencing, as well as providing office space for ME bank personnel when they visit the workplace.Speaking at the FST Media Future of Banking conference in Sydney last week, Hendey said that, where a business had a kiosk installed, ME was enjoying growth rates three time those in similar-sized businesses which had workplace banking but no kiosk.Besides investing in the workplace facilities, Hendey said that ME Bank had updated its online account application process and this has slashed the time it takes to open and start using an account from days to just minutes.