The meaning of "bank" could be set to change

The Reserve Bank's consulting on whether to allow all licensed deposit takers to call themselves a "bank".

The word "bank" can currently only be used by New Zealand's 27 registered banks.

The central bank is considering allowing others -- like 15 currently-licensed finance companies, building societies and credit unions -- to also use the word.

Any change is likely to take effect in late 2028.