New Zealand banks improve customer satisfaction levels

by Krizzel Canlas15 May 2018

Overall consumer satisfaction with banks in New Zealand has increased to 78.1% in the year ended in March, up from 77.1% in the previous year, according to latest figures from Roy Morgan.

The report says the increase was driven by improvement in customer satisfaction levels among three of the nine major banks, with BNZ up 3.5% points, Westpac up 2.6% points and ANZ up 1.9% points.

Kiwibank had the highest satisfaction with a rating of 83.2%, down only marginally from 83.3% in 2017. This was followed by TSB Bank, BNZ and ANZ, with ratings of 82.8%, 80.1% and 79.4% respectively.

The report suggests banks performing below average were The Co-Operative Bank, ASB, Westpac, Rabobank and SBS Bank.

Moreover, the report shows that TSB Bank had the highest customer advocacy score. Of the TSB customers who consider TSB to be their MFI (main financial institution), 92.2% said they would be very likely to recommend TSB to a friend or colleague (on a scale of 8, 9, and 10). They are followed by The Co-Operative Bank (84.4%) and Kiwibank (72.7%).

The customer average across all MFIs for high advocates is 61.4%, with ANZ (58.5%) and Westpac (54.7%) being the two largest players performing below average.

Roy Morgan industry communications director Norman Morris said there are positive signs of improvement in customer satisfaction, but that the gap between different performance levels was worryingly significant.

“There remains a wide gap in satisfaction levels between the highest and lowest performers,” he explains. “As well the fact that only three of the largest banks showed improvement over the last year.”

These results are from Roy Morgan’s Single Source (New Zealand) survey of over 6,000 banking and finance consumers per annum. The data shown represents only a very small part of the New Zealand finance data available. Other banks included in the survey are Citibank, HSBC, Macquarie, and Heartland Bank.

 

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