sign up log in
Want to go ad-free? Find out how, here.

The Co-operative Bank awarded Canstar gong for most satisfied banking customers

The Co-operative Bank awarded Canstar gong for most satisfied banking customers

By Gareth Vaughan

The Co-operative Bank, formerly PSIS, has come out on top in an annual Canstar bank customer satisfaction survey.

The Canstar Blue survey covered overall customer satisfaction, branch service, call centre support, internet banking service, the way problems are dealt with and fixed, efficiency in dealing with inquiries, mobile banking/smartphone applications, and fees/charges.

"This brand (Co-op) very nearly earned five star ratings in all our survey criteria," says Canstar.

The survey also rated Kiwibank, ASB, BNZ, Westpac, and ANZ.

TSB, SBS, Heartland, HSBC and Rabobank also featured in the survey. However, the minimum 30 customer responses required to be included in the results wasn't received for any of them.

* Overall satisfaction is an individual rating and not a combined total of all ratings.
Hollow star ratings are awarded where brands do not receive the minimum number of responses for that criteria, however achieve at least the minimum sample required for all other criteria.

Canstar says it commissions Colmar Brunton to regularly survey 2,500 New Zealand consumers across a range of categories to measure and track customer satisfaction. Outcomes then reported are based on customers within the survey group who have one or more accounts or products with a bank. In this case, 2,284 people were involved, Canstar says. 

PSIS, which was granted bank registration by the Reserve Bank in October 2011, was also anointed winner of Canstar's award for most satisfied banking customers in 2011, with TSB winning last year.

Here's more detail from Canstar

Overall customer satisfaction

How satisfied were New Zealand customers with their bank overall? The Co-operative Bank received five stars in this category, and was followed by four star recipients Kiwibank, ASB, and BNZ. Next with three stars apiece were ANZ and Westpac.

Branch service

It’s important for banks to maintain fantastic customer service at a branch level. Customers of The Co-operative Bank were most satisfied with their bank’s branch service. This institution achieved five stars; next with four were ASB and BNZ. These brands were themselves followed by three star achievers Kiwibank, ANZ, and Westpac.

Call centre support

Help is just a phone call away for banking customers with all kinds of finance questions. The Co-operative Bank received five stars for call centre support, and was followed by four star recipients Kiwibank and ASB. BNZ, ANZ, and Westpac all finished with three star ratings in this area.

Internet banking service

Paying back friends after a nice dinner, setting up direct debits, paying bills – all of this can be done while you flick through your Facebook messages. The Co-operative Bank secured five stars for internet banking. ASB, Kiwibank, BNZ, Westpac, and ANZ all followed with four star ratings.

The way problems are dealt with and fixed

How does your bank’s customer service compare to others? The Co-operative Bank’s customers were most satisfied with the resolution of their banking woes. This brand achieved five stars; next were four star achievers ASB, Kiwibank, and BNZ. Both ANZ and Westpac received three stars for issue resolution.

Efficiency in dealing with inquiries

Does your bank swiftly and efficiently deal with any questions you may ask? The Co-operative Bank received five stars in this area; Kiwibank, ASB, and BNZ all followed with four, and ANZ and Westpac finished with three.

Mobile banking / smartphone applications

A significant 28% of survey respondents do a lot of their banking on a smartphone or tablet device. Mobile banking has effectively supercharged internet banking, transforming it into a tool that can be accessed practically anywhere. Truly on the cutting edge, ASB received five stars for mobile banking / smartphone applications. All our other rated brands excelled too – Kiwibank, ANZ, Westpac, BNZ, and The Co-operative Bank all received four stars.

Fees / charges

Fees are a reality for every banking customer, but many institutions ensure they don’t become excessive. The Co-operative Bank finished with a final five star rating for its fees and charges. Kiwibank came next with a four star rating, ASB and BNZ received three, and Westpac and ANZ closed with two.

This article was first published in our email for paying subscribers. See here for more details and to subscribe.

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.