ASB

What ASB does

ASB Bank Limited is one of New Zealand's four major retail and commercial banks, founded in 1847 as the Auckland Savings Bank and operating as a wholly-owned subsidiary of Commonwealth Bank of Australia since 1989. The bank serves personal, small business, commercial, rural, and corporate customers across New Zealand through a hybrid channel model combining a nationwide branch network — including Regional Banking Hubs in five underserved communities — with award-winning digital platforms FastNet Classic, FastNet Business, and the ASB Mobile Banking app. The product suite spans transaction and savings accounts, credit and debit cards, home loans (including the Orbit revolving credit product), personal and business loans, KiwiSaver, online share trading via ASB Securities, foreign exchange, and insurance distributed in partnership with IAG (general insurance) and AIA (life and health).

Revenue is generated primarily through net interest income on the lending book, supplemented by transaction fees, brokerage commissions, insurance distribution commissions, and FX margins. Underlying technology includes AI-powered fraud detection, behavioral biometric authentication, a GenAI chatbot (Josie), open banking APIs compliant with the Customer and Product Data Act 2025 (live December 2025), and Netcode two-step verification. The bank is currently undertaking a multi-year core banking modernization to replace legacy 1960s-era infrastructure and enable further AI capabilities.

The go-to-market approach combines direct sales via relationship managers and Home Ownership Managers for mortgages with self-service digital channels for retail transactions. Distribution is further extended through accredited fintech partners (Sharesies, Akahu, CMC Markets) accessing ASB data via open banking, and through insurance underwriter partnerships. ASB serves the entire New Zealand market exclusively, with no international consumer banking footprint, while operating under Reserve Bank of New Zealand oversight, Privacy Act 2020 compliance, AML/CFT obligations, and Depositor Compensation Scheme protection for eligible deposits up to NZ$100,000 per customer.

Name

ASB

Legal name

ASB Bank Limited

Website

https://asb.co.nz

Company type

Public

Founded year

1847

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

ASB Bank is one of New Zealand's four major retail and commercial banks and a wholly-owned subsidiary of Commonwealth Bank of Australia, serving personal, small business, commercial, and rural customers nationwide through branches, digital platforms, and fintech open-banking partnerships.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (522110)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB)

akta.pro secondary industries

Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), BaaS Platforms & Sponsor Bank Enablement (FSAGALAA)

Keywords

• Retail banking services
• Commercial and rural banking
• Home loan mortgages
• Online share trading
• General insurance distribution

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Net Interest Income: ASB generates the majority of revenue through net interest income, earning interest on loans (home loans, personal loans, business loans, credit cards) while paying interest on customer deposits (savings accounts, term deposits). As a major New Zealand bank, this forms the core revenue stream.
2. Transaction and Account Fees: Fees charged for banking transactions, account maintenance, and service delivery across branches, digital channels, and telephone banking. Some accounts have zero monthly fees while others incur charges.
3. Online Share Trading Brokerage: ASB Securities generates brokerage revenue through share trading commissions. NZ trades charged at flat rates ($15-$30) plus 0.30% for larger transactions; AU trades with similar fee structure.
4. Insurance Distribution Commission: ASB distributes general insurance products (home, contents, car, life, health, business) underwritten by IAG New Zealand, earning commission on policies sold. Health and life insurance distributed in partnership with AIA New Zealand.
5. Foreign Exchange Services: Revenue from foreign exchange transactions, international transfers, and currency exchange services for personal and business customers.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

ASB Bank provides retail, commercial, rural, and corporate banking services in New Zealand, including everyday and savings accounts, home loans (fixed, variable, Orbit revolving credit), personal and business loans, Visa debit and credit cards, KiwiSaver, online share trading through ASB Securities, general and life insurance distribution, and foreign exchange services. Products are delivered through the FastNet Classic and FastNet Business internet banking platforms, the ASB Mobile Banking app, and a nationwide branch network.

Product overview

ASB is a New Zealand bank (wholly owned by Commonwealth Bank of Australia) offering a comprehensive digital banking platform through multiple channels: FastNet Classic (personal internet banking) and FastNet Business (business internet banking) as the primary online platforms, complemented by the ASB Mobile Banking App. The product suite encompasses deposit products (Everyday, Savings Plus, Term Deposits, Headstart youth accounts), lending (Home Loans including Orbit revolving credit, Personal Loans, Business Loans), credit and debit cards (Visa), investment and wealth (ASB Securities online share trading, KiwiSaver), insurance (IAG-underwritten general and life insurance), and international services (Foreign Exchange). Key digital features include ASB Home Central for mortgage management, Card Control for card security, Netcode two-step verification, Save the Change automatic savings, and the Josie AI chatbot. ASB participates in New Zealand's Open Banking framework enabling data sharing with accredited third parties. The bank uses AI extensively for fraud detection, scam protection, customer service automation, and biometric security.

Differentiator

Problem solved

Functional benefit

Brands

• FastNet Classic: Internet banking platform for personal customers
• FastNet Business
• ASB Securities
• ASB Mobile Banking
• Headstart
• True Rewards
• ASB Home Central
• Josie
• Orbit Home Loan

Products and services

• FastNet Classic ASB's flagship internet banking platform for personal customers, providing 24/7 access to accounts, payments, transfers, foreign exchange, and loan management.
• FastNet Business Internet banking platform for ASB's business customers, with multi-user access, two-to-sign/three-to-sign account controls, and comprehensive business transaction management.
• ASB Mobile Banking App Mobile banking application for smartphones and tablets offering account management, payments, card control, spend tracking, biometric authentication, and access to the Josie chatbot.
• ASB Online Share Trading (ASB Securities) Self-directed online share trading platform providing access to NZX and ASX markets, portfolio management, watchlists, analyst research, and real-time fund transfers integrated with FastNet Classic.
• ASB Visa Credit Card Credit card with low rates, low fees, rewards, and support for Apple Pay, Google Pay, and contactless payments, issued by ASB to personal and business customers.
• ASB Visa Debit Card Debit card allowing ASB customers to use their own funds for online, in-store, over-the-phone, and international purchases wherever Visa is accepted.
• Headstart Account Fee-free everyday and savings bank account for children and teenagers with competitive interest rates, ASB Mobile app access, and a transition path to standard accounts at age 18.
• Savings Plus Monthly Savings account paying base and reward interest monthly, where reward interest is earned when the customer makes zero or only one withdrawal during the first day of the month.
• ASB KiwiSaver KiwiSaver superannuation scheme managed by ASB to help New Zealanders save for their first home and retirement.
• ASB Home Loans Residential mortgage products including fixed, variable, and split interest rate options, with table loans, reducing loans, interest-only payments, and revolving credit (Orbit) options.
• Orbit Home Loan Revolving credit home loan operating like an overdraft on a transaction account, with flexible repayments and variable interest rates.
• ASB Personal Loans Unsecured personal loans including debt consolidation options that combine multiple debts into a single manageable repayment.
• ASB Business Banking Comprehensive banking services for small businesses, commercial entities, and rural customers in New Zealand, including business accounts, loans, merchant services, and dedicated relationship management.
• ASB General Insurance General insurance products (home and contents, car, life and income, and health) underwritten by IAG New Zealand and AIA New Zealand and distributed through ASB.
• ASB Foreign Exchange Foreign exchange services for personal and business customers, including international money transfers and currency exchange tools.
• Open Banking APIs Open Banking API infrastructure compliant with New Zealand's Customer and Product Data Act 2025, enabling accredited third-party fintechs to securely access ASB customer account, mortgage, KiwiSaver, and credit card data.

Quantifiable outcome

• Open banking enabled for ANZ, ASB, BNZ, and Westpac under Customer and Product Data Act 2025 effective December 2025

Named customers1 record

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability7 records

Feature6 records

Partnerships

Six partnerships are on record, tiered major, core and supporting.

• CMC MarketsmajorStrategic or Co-development Partner · 12 June 2026CMC Markets has positioned ASB as an infrastructure layer partner in their FY2026 presentation, along with Revolut and Westpac. ASB is featured alongside these partners as CMC Markets advances major partnerships to scale its platform as a fintech infrastructure provider for banks, brokers, and fintech platforms. ASB benefits from this partnership through expanded financial services ecosystem integration.
• IAG New ZealandcoreChannel Partner/ Reseller/ DistributorASB general insurance products are underwritten by IAG New Zealand Limited, New Zealand's leading general insurance provider with AA financial strength rating from Standard & Poor's. ASB distributes home, contents, car, and other general insurance products under this partnership. IAG manages policies and claims while ASB serves as distribution channel.
• AIA New ZealandcoreChannel Partner/ Reseller/ DistributorASB distributes health and life insurance products underwritten by AIA New Zealand Ltd. AIA may share personal information including health information with ASB for purposes of providing insurance advice and underwriting applications. ASB Insurance Managers receive health information for insurance advisory purposes.
• AkahusupportingGTM or Marketing PartnerAkahu is an open finance firm positioning to leverage New Zealand's open banking data-sharing framework enabled by the Customer and Product Data Act 2025. ASB is one of the major banks required to provide data access to accredited third parties like Akahu.
• SharesiessupportingGTM or Marketing PartnerSharesies is positioned to leverage open banking data-sharing framework to compete with traditional banks. ASB provides data access through open banking APIs enabling Sharesies to offer financial services built on ASB's banking infrastructure.
• University of AucklandsupportingStrategic or Co-development PartnerCollaboration between NZ Product Accelerator and ASB pairs 13 master's students from University of Auckland with Kiwi businesses to integrate AI and emerging technologies. This initiative helps ASB build relationships with small businesses while supporting digital transformation across New Zealand.

Scale indicators3 records

Recent moves5 records

Expansion highlights6 records

Broad incumbents

• Commonwealth Bank of Australia: CBA is ASB's parent company and one of Australia's 'Big 4' banks; a major incumbent retail and commercial bank with broader geographic footprint (Australia) and the source of capital, technology, and strategic direction for ASB.
• HSBC New Zealand: HSBC NZ is a branch of the global HSBC group, competing with ASB in commercial, corporate, and international/FX banking; a broad incumbent with limited retail mortgage focus in New Zealand.

Direct peers

• Westpac New Zealand: Westpac New Zealand is one of the 'Big 4' NZ banks and a direct competitor to ASB, with comparable retail mortgages, business banking, and wealth offerings and identical open banking regulatory status.
• Kiwibank: Kiwibank is a New Zealand state-owned bank offering retail and small business banking; a direct competitor to ASB in personal banking, mortgages, and small business lending with a growing market share position.
• Bank of New Zealand (BNZ): BNZ is a NZ-incorporated bank (owned by National Australia Bank) and one of the 'Big 4' alongside ASB, with matching retail, business, and agribusiness banking offerings across the same product set, and is also a designated open banking participant.
• ANZ Bank New Zealand: ANZ Bank New Zealand is the largest bank in NZ and one of the 'Big 4' alongside ASB, ANZ, BNZ, and Westpac, offering the same core retail and commercial banking, mortgages, and wealth products with nationwide branch coverage and identical open banking obligations.

Emerging players

• The Co-operative Bank: The Co-operative Bank is a New Zealand-owned challenger bank offering retail banking, mortgages, and savings; a smaller-scale competitor to ASB in personal banking with a values-based positioning.
• TSB Bank: TSB is a New Zealand-owned challenger bank offering retail banking, mortgages, and small business products; competes with ASB in regional and digital segments and is also a designated open banking participant.
• Heartland Group Holdings: Heartland is a NZ challenger bank focused on reverse mortgages, small business lending, and asset finance; competes with ASB in niche lending and personal finance segments where ASB's full-service model is less differentiated.

Regional players

• SBS Bank: SBS Bank is a New Zealand mutual bank headquartered in Invercargill, focused on the South Island and regional retail banking; comparable to ASB in product offering but with a narrower geographic focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/asbbank
• Facebookfacebook.com/asbbank
• LinkedInlinkedin.com/company/asb-bank

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ASB