Compare New Zealand banking by using our ratings comparison of bank customer satisfaction.
TSB achieve five star accolade in New Zealand banking
Are you happy with your bank? It’s reassuring to have the option to switch if you’d like, and we have compared New Zealand financial institutions customer satisfaction in our recent survey to help you make the choice.
TSB Bank has received our highest rating ahead of six other institutions, winning our Most Satisfied Customers Award – Banks for 2013. This award-win (based on overall customer satisfaction) was complemented by five star ratings for call centre service, range of financial products, problem solving, efficiency in dealing with inquiries and friendliness.v
TSB Bank sat among strong competition:
- The Co-operative Bank achieved five stars for branch service, internet banking service and friendliness.
- Both ASB and Kiwibank received five stars ratings for internet banking.
BNZ, Westpac and ANZ were also rated in this survey of 2,240 banking customers.
Money matters stress out New Zealand youth
Survey results also showed roughly a third of New Zealanders find the process of dealing with money to be a stressful, overwhelming proposition – and even more admitted to living payday to payday (44%).
But it was the youth of New Zealand who were least likely to feel in control of their financial situation. Nearly half of Generation Y respondents found matters of money to be a point of anxiety (46%), and an even greater number felt uncomfortable when thinking about their financial future (51%).
More Generation Y’s than Baby Boomers (two thirds versus one third) reported they did a majority of their banking on-the-go – suggesting (perhaps) they simply approach banking with a different mindset.
On-the-go finance may also have been bolstered by a surge in online banking popularity. We found more New Zealanders now communicate with their bank online via its website than any other communication channel (63%).
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Canstar Blue commissions Research Now to survey 2,500 New Zealand consumers across a range of categories every few months to measure and track customer satisfaction. The outcomes reported are the results from customers within the survey group who have one or more accounts or products with a financial institution (e.g. transaction account, savings account, credit card, home loan) - in this case, 2,240 people. Brands must receive at least 30 responses to be included.
Results are comparative and it should be noted that brands that received three stars have still achieved a satisfaction measure of at least six out of 10.
Overall customer satisfaction
TSB Bank received a five star rating for overall customer satisfaction. The Co-operative Bank, Kiwibank, ASB and BNZ followed with four stars each; Westpac and ANZ finished with three.
Branch service
The Co-operative Bank achieved five stars for bank branch customer service. TSB Bank, ASB and BNZ all took our four stars; Kiwibank, Westpac and ANZ all achieved three.
Call centre service
Communicating your needs is simple enough when face-to-face, but it can be tricky to articulate exactly what you require over the phone. Some institutions hear you though, with TSB Bank achieving five stars for call centre service customer satisfaction. The Co-operative Bank and Kiwibank both followed with four star ratings; ASB, BNZ Westpac and ANZ each received three.
Internet banking service
Many New Zealanders rely on online banking for bill paying, direct debiting, and even budgeting. Customers of The Co-operative Bank, Kiwibank and ASB were most satisfied with the internet banking service available from their bank. Each of those brands achieved five star ratings, TSB Bank, BNZ and Westpac all walked away with four, and ANZ received three.
Product range
Do you need a home loan with a robust set of features? Or maybe just a savings account to deposit some cash for your next big holiday? Banks offer a variety of products to help you with all of life’s financial hurdles, and TSB Bank was in front for customer satisfaction with its range of available financial products. Following our five star recipient were The Co-operative Bank, Kiwibank, ASB and BNZ with four each; then Westpac and ANZ with three.
The way problems are dealt with and fixed
How efficiently does your bank deal with your concerns? Five star recipient TSB Bank was the leader in how the problems of its customers were dealt with and resolved. The Co-operative Bank was close behind with four stars; and Kiwibank, ASB, BNZ, Westpac and ANZ all achieved three.
Efficiency in dealing with inquiries
TSB Bank also scored top marks for the efficiency in which they dealt with enquiries. They were followed by The Co-operative Bank with four stars; then Kiwibank, ASB, BNZ, Westpac and ANZ with three.
Friendliness
Both The Co-operative Bank and TSB Bank earned five star ratings for the friendliness of their staff and brand. Four star recipients Kiwibank, ASB and BNZ were followed by Westpac and ANZ with three stars apiece.
Related Links
Most Satisfied Customers: Banking (2011)
Most Satisfied Customers: Home And Contents Insurance (2012)
Canstar: Compare Financial Products
26 April 2013.
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