After an absence of eight months SBS Bank is back as Roy Morgan Research's Financial Institution of the Month.
SBS, with a score of 92% satisfaction, won the financial institution category in Roy Morgan's customer satisfaction awards for June. It's the first time SBS has won the award since September last year, ending a run of eight consecutive months where the award went to TSB Bank.
TSB was second in June, with the Co-operative Bank third, Kiwibank fourth and insurer State fifth.
Until recent months SBS had dominated the award since its inception in January 2011. SBS won the Financial Institution of the Month award for eight months during both 2011 and 2012, and was named Financial Institution of the Year for both 2011 and 2012.
However, Tim Loan, SBS' general manager for finance, told interest.co.nz in June his bank had - at that stage - fallen out of the running due to its lack of scale. In comments confirmed by Roy Morgan, Loan said SBS had not been recording enough results in the survey to register.
A requirement for the financial institution award is that Roy Morgan receives at least 100 responses from customers of any institution over a six month period.
Kiwibank Major Bank of the Month
In the Major Bank of the Month category for June, Kiwibank was once again the winner with 83% satisfaction. This category is for banks with at least 7.5% market share. Kiwibank has owned this award since inception except in March this year when BNZ won. Kiwibank was also Roy Morgan's Major Bank of the Year for 2011 and 2012.
For the month of June BNZ was second in the major bank category, with ASB third, the National Bank fourth and Westpac fifth.
See how Roy Morgan scores customer satisfaction here.
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