Bank service

What bank customers think of their bank’s service

Consumer NZ’s annual banking customer satisfaction survey, released last weekhad The Co-operative Bank at the top of pop and Westpac was supporting things from the bottom.

So how did the seven banks in the survey rate their customers? Details are described below.

Note, Consumer NZ says its data comes from a nationally representative survey of 2,428 New Zealanders, aged 18 and over. The survey was conducted online in January and February of this year.

According to Consumer NZ, satisfaction ratings show the proportion of respondents who gave their supplier a rating of 8, 9 or 10 on a scale from 0, being very dissatisfied, to 10, being very satisfied. Ratings are shown for five key metrics. These are; advice on products, fees, responsible lending, prompt responses to inquiries and value for money, and overall satisfaction.

The bank’s market share provided is taken from the Banking Ombudsman Scheme’s annual report, with market share based on total assets as of December 31, 2020. Annual profit before tax is taken from each bank’s latest annual report.

The cooperative bank

Overall satisfaction: 86%
Answers: 58

Above average satisfaction with: product advice, fees, responsible lending, prompt responses to inquiries, value for money.
Below average satisfaction for: –
Annual profit before tax: $24.3 million
Market share: 0.5%

“The Co-operative Bank claimed top spot this year, as it did in 2019. The bank scored above average on all five of our key performance measures. high score for branches.For 63% of customers, The Co – Kiwi ownership of the operating bank was the main benefit of doing their banking with it,” says Consumer NZ.

TSB

Overall satisfaction: 78%
Answers: 63

Above average satisfaction with: fees, responsible lending, prompt responses to inquiries, value for money.
Below average satisfaction for: –
Annual pre-tax profit: $59.6 million
Market share: 1.4%

“TSB continued its strong performance, scoring above average on four of our five key performance measures. This is the seventh year in a row that the bank has received a People’s Choice Endorsersyou. Its customers are loyal: 82% say they are unlikely to change banks anytime soon. TSB customers were less likely to have any debt with the bank (e.g. mortgage or credit card),” says Consumer NZ.

BNZ

Overall satisfaction: 64%
Answers: 317

Above average satisfaction for: –
Below average satisfaction for: –
Annual pre-tax profit: $1,836 million
Market share: 19%

“BNZ’s overall satisfaction score of 64% is up from 54% in 2020. Its mobile app has been well received by customers,” says Consumer NZ.

Kiwibank

Overall satisfaction: 61%
Answers: 354

Above average satisfaction for: –
Below average satisfaction for: –
Annual pre-tax profit: $174 million
Market share: 4.4%

“Kiwibank recorded the highest proportion of customers who encountered problems with its services in the past year (22%). It also scored below average for responsible lending (36%) and its call center service (38%),” says Consumer NZ.

BSA

Overall satisfaction: 60%
Answers: 454

Above average satisfaction for: –
Below average satisfaction for: –
Annual pre-tax profit: $1,836 million
Market share: 19.1%

“ASB’s overall satisfaction score was comparable to the market average. ASB’s customers were more likely to have multiple types of accounts or products with the bank, such as a savings account, KiwiSaver , a personal loan and an overdraft facility,” says Consumer NZ.

ANZ

Overall satisfaction: 56%
Answers: 726

Above average satisfaction for: –
Below average satisfaction with: fees, value for money
Annual pre-tax profit: $2,682 million
Market share: 30.2%

“ANZ’s overall satisfaction score was significantly below the market average. ANZ customers were least likely to be satisfied with fees (31%) and value for money (32%). However, it ranked above average for mobile banking,” says Consumer NZ. .

Westpac

Overall satisfaction: 54%
Answers: 413

Above average satisfaction for: –
Below average satisfaction for: –
Annual pre-tax profit: $1,291 million
Market share: 19%

“Westpac stood out with the lowest satisfaction rate this year (54%). It scored significantly below average for in-branch service: 20% of customers were dissatisfied, compared to 14% for the average of the industry. It also had the lowest score for telephone, branch and mobile banking. Of those who had a problem with Westpac in the past 12 months, 69% said it had been mishandled,” says Consumer NZ.