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

Co-op Bank No. 1, People's Choice gong for TSB, Kiwibank customers experiencing problems, ANZ customers least satisfied with value for money, Westpac dead last in consumer satisfaction survey

Personal Finance / news
Co-op Bank No. 1, People's Choice gong for TSB, Kiwibank customers experiencing problems, ANZ customers least satisfied with value for money, Westpac dead last in consumer satisfaction survey
co-op

Consumer NZ's annual bank customer satisfaction survey, out last week, had The Co-operative Bank top of the pops and Westpac propping things up from the bottom. 

So how did all seven banks featuring in the survey rate with their customers? The details are outlined below.

Note, Consumer NZ says its data comes from a nationally representative survey of 2428 New Zealanders, aged 18 years and older. The survey was done online in January and February this year. 

Consumer NZ says satisfaction ratings show the proportion of respondents who scored their provider 8, 9 or 10 on a scale from 0, being very dissatisfied, to 10, being very satisfied. Ratings are shown for five key measures. These are; advice on products, fees, responsible lending, timely responses to inquiries and value for money, plus overall satisfaction.

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

The Co-operative Bank

Overall satisfaction: 86%
Responses: 58

Above-average satisfaction for: advice on products, fees, responsible lending, timely responses to inquiries, value for money.
Below-average satisfaction for: -
Annual profit before tax: $24.3m
Market share: 0.5%

"The Co-operative Bank claimed the top spot this year, as it did in 2019. The bank earned above-average ratings on all our five key performance measures. It also rated highly for branch banking. For 63% of customers, The Co-operative Bank’s Kiwi ownership was the main benefit of doing their banking with it," Consumer NZ says.

TSB

Overall satisfaction: 78%
Responses: 63

Above-average satisfaction for: fees, responsible lending, timely responses to inquiries, value for money.
Below-average satisfaction for: -
Annual profit before tax: $59.6m
Market share: 1.4%

"TSB continued its strong performance, scoring above average for four of our five key performance measures. This is the seventh year in a row that the bank has received a People’s Choice endorsement. Its customers are loyal: 82% said they were unlikely to switch banks any time soon. TSB customers were less likely to have any debt with the bank (for example, a mortgage or credit card)," Consumer NZ says.

BNZ

Overall satisfaction: 64%
Responses: 317

Above-average satisfaction for: -
Below-average satisfaction for: -
Annual profit before tax: $1836m
Market share: 19%

"BNZ’s overall satisfaction score of 64% is up from 54% in 2020. Its mobile app rated highly with customers," Consumer NZ says.

Kiwibank

Overall satisfaction: 61%
Responses: 354

Above-average satisfaction for: -
Below-average satisfaction for: -
Annual profit before tax: $174m
Market share: 4.4%

"Kiwibank had the highest proportion of customers experiencing problems with its services in the past year (22%). It also rated below average for responsible lending (36%) and its call centre service (38%)," Consumer NZ says.

ASB

Overall satisfaction: 60%
Responses: 454

Above-average satisfaction for: -
Below-average satisfaction for: -
Annual profit before tax: $1836m
Market share: 19.1%

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

ANZ

Overall satisfaction: 56%
Responses: 726

Above-average satisfaction for: -
Below-average satisfaction for: fees, value for money
Annual profit before tax: $2682m
Market share: 30.2%

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

Westpac

Overall satisfaction: 54%
Responses: 413

Above-average satisfaction for: -
Below-average satisfaction for: -
Annual profit before tax: $1291m
Market share: 19%

"Westpac stood out for the lowest satisfaction rating this year (54%). It scored significantly below average for branch service: 20% of customers were dissatisfied, compared with the industry average of 14%. It also had the lowest rating for phone, branch and mobile banking. Of those who had a problem with Westpac in the past 12 months, 69% said it was handled poorly," Consumer NZ says.

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.

5 Comments

Westpac was also known as the worst bank to deal with in the last GFC.

Unless they give $10,000,000 by accident of course, then you may be happy. For a short time.

https://www.bbc.com/news/world-asia-19364838

7% interest rates this year Guaranteed.

Up
3

Not good if your exec bonus is tied to Net Promoter Score    but by now they probably have a special Covid19 Bonus pool just for management.

Up
0

Why only 7 in the survey?

Up
0

The Co-operative Bank's board should look at who they use to underwrite their insurance products. They are supporting a monopolist company or at the very least a participant in an oligopolistic partnership. That is suppressing and damaging New Zealand companies. In my view it goes against the principles of cooperatives. Principles such as:

Cooperatives are based on the values of self-help, self-responsibility, democracy, equality, equity, and solidarity. In the tradition of their founders, cooperative members believe in the ethical values of honesty, openness, social responsibility and caring for others.

Up
0

Common theme - smaller banks provide better service because they can't compete with the larger banks in terms of marketing budget, choice of options, and so on. The bigger banks need to step their game up.

Up
0