The blue deck chair: A bank with an infinite game mindset?

In an unashamed take from Graham Norton, I intend to write a few stories called ‘the blue deck chair.’ You are free to pull the lever and flip my chair. So please send feedback, flip, or let me walk…

Recently, I had a chinwag with a couple of Kiwibank commercial bankers who’d just refinanced an ANZ customer for me. After 50 years with ANZ, this old bloke got the boot because he was “too old”, and his manufacturing business was flatlining in the recession. ANZ’s demands were ridiculous, and us old buggers don’t have much patience for stupidity.

Before I continue – full disclosure – Gilligan Sheppard has banked with BNZ and ASB and currently bank with Westpac. We acknowledge that in terms of relationship managers, the batting run at Westpac on quality people has beaten all the others we have experienced at other banks, hands down. Westpac is consistent.

But I digress…

Over coffee, these Kiwibank commercial bankers shared their individual banking journeys. They joined Kiwibank with stars in their eyes, wanting to work for an outfit that’s actually growing and aims to make a difference in New Zealand. Their mission? Supporting Kiwi businesses, helping them grow and thrive, and taking sensible credit risks. Sure, Kiwibank’s still wet behind the ears compared to the “Big Four,” but they’re proud as punch about their ability to support both up-and-comers and established businesses.

What really got me was their motivation. These bankers want to help good people with good ideas become great. They’re all about growing NZ business and building a robust economy with businesses run by good people. They’re playing the long game—an infinite game mindset.

I’ve seen similarities with Westpac and BNZ, but Kiwibank seems to be a different beast. Their front-line people have more wiggle room to take risks and size them up in a more human way. Westpac’s less proactive, BNZ’s got some tricks up their sleeve, but Kiwibank? They’re adaptive, empowered, and ready to get shit done.

Of course, this isn’t Kiwibank’s first rodeo. We’ve seen this story before with banks like ASB, TSB, and the old Trust Banks. I won’t bore you with the nitty-gritty, but let’s just say the landscape of Kiwi banking has been through more changes than a chameleon in a bag of Skittles.

The kicker is this: bank owners’ motivations change faster than a Southerly wind. The big Aussie banks? They’re predictable, sure, but they’ll always put their shareholders first, because when push comes to shove, they’ll back their Australian customers over Kiwis any day of the week.

Now, Kiwibank’s roots are in the old Post Office savings accounts, but it’s come a long way since Jim Anderton breathed new life into it in the ’90s. Will Kiwibank’s owners stay true to the current mission, or will they drift off course like so many before them?

But here’s the reality: No matter what happens with Kiwibank, good bankers like the two I met will always find a home that aligns with their dreams. They’re after a purposeful life, working with people and owners who share their vision.

Is there a lesson in all this? Maybe it’s that good people find good owners, and what binds them together is purpose. Will Kiwibank’s story be different from the BNZ’s or ASB’s? Let’s hope so, for all our sakes.

Flip or walk?