Consumers most satisfied with NZ-owned banks

by NZ Adviser24 Apr 2017
New Zealand-owned banks are leading the way when it comes to customer satisfaction.  

At the Consumer NZ 2017 People’s Choice awards, TSB Bank, The Co-operative Bank and Kiwibank each received a People’s Choice award for banking.

Consumer NZ’s latest banking survey revealed that TSB Bank was the stand out, having the highest overall customer satisfaction result (87%) and winning the award for the second year in a row. It was followed by first-time winners The Co-operative Bank (77%) and Kiwibank (71%).

People’s Choice winners are established through analysis of Consumer NZ surveys with 1085 participants asked to rate their main bank in the banking survey.
A brand must be a standout performer for customer satisfaction to receive a People’s Choice award.

Consumer NZ general manager – business Derek Bonnar said the survey found the three New Zealand-owned banks were ‘a step ahead’ when it came to keeping customers happy. 

“Two-thirds of TSB Bank and Kiwibank customers rated doing business with a New Zealand-owned company as a key benefit,” said Bonnar. 

“Local bank customers were also less likely to be paying monthly account fees – as a result, they were more likely to feel the bank’s fees were reasonable. 
“It’s unusual to have three winners in one category. However, all three deserve the recognition and we congratulate them on an outstanding achievement.”

TSB Bank chief executive Kevin Murphy was thrilled to receive the Consumer NZ People's Choice award for the second year running.

“We were also pleased to have the highest customer satisfaction score of all the banks at 87%. 

“Being recognised by the public for our exceptional customer service, amongst much larger competitors, tells us that our efforts to satisfy our customers remain a cut above the rest.” 

Kiwibank chief executive Paul Brock said the award endorses the need for New Zealand-owned banks to provide choice for consumers. 

“Customer support, loyalty and satisfaction are the true measures of how successful the bank really is.”

“The Co-operative Bank is out to change banking for good and everything we do is focussed on delivering for our customers,” said its general manager - marketing and online, Grant Jennings. 

“Recognition by Consumer NZ is a sure sign we’re doing just that.”

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