Satisfaction with NZ banks rises again in September

by Krizzel Canlas29 Oct 2018

Overall consumer satisfaction with banks in New Zealand has increased to 79.1% for the year ending in September, up from 77.0% in the previous year, according to the latest figures from Roy Morgan.

The report states that the increase was a result of seven of the nine largest banks showing improved satisfaction, led by TSB Bank up 5.9% points, followed by The Co-Operative Bank up 4.9% points and Westpac up 3.9% points.

TSB Bank received the highest customer satisfaction with 85.3%. This was followed by Kiwibank (84.8%), BNZ (80.9%) and The Co-Operative Bank (80.8%).

The report shows banks performing below average were ASB, Westpac, Rabobank and SBS Bank. The only banks to show a decline in satisfaction over the last year were SBS Bank (down 7.2% points) and Rabobank (down 4.9% points).

The report also indicates that TSB Bank is the clear leader for customer advocacy. Of the TSB customers who considered them to be their MFI (main financial institution), 92.6% said they would be very likely to recommend TSB to a friend or colleague (on a rating of 8, 9 or 10 on a 10 point scale). They are followed by The Co-Operative Bank with 81.6%, Kiwibank (70.9%) and ASB (68.7%).

“Despite this strong overall performance, not all banks are rating well as shown by the wide gap in satisfaction levels between the highest and lowest performers and the fact that two of the largest banks are performing below average,” Roy Morgan industry communications director Norman Morris noted.

The Roy Morgan’s Single Source (New Zealand) survey includes interviews with over 6,000 banking and finance consumers per annum.

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