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.
The Co-operative Bank lead the way in our 2014 banking customer satisfaction ratings
One in four New Zealanders would like to improve their understanding of banking and finance, but don’t know where to start, according to our recent survey results. The first step in this journey is finding a bank that will help you take better care of your finances.
To help you find such a financial institution, we’ve rated banks with our annual customer satisfaction ratings. This year, The Co-operative Bank stayed ahead of several prominent institutions to take home our award for Most Satisfied Customers – Banking.
This brand very nearly earned five star ratings in all our survey criteria, which makes them a well-rounded choice for all New Zealand consumers. Interestingly, The Co-operative Bank also achieved our banking award back in 2011 (branded as PSIS at the time), and was one of Canstar Blue New Zealand’s first award winners.
We also rated Kiwi Bank, ASB, BNZ, Westpac, and ANZ in this survey. To learn more about personal finance and compare individual products, visit canstar.co.nz.
Canstar Blue commissions Colmar Brunton using the SSI panel to regularly survey 2,500 New Zealand consumers across a range of categories 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 bank (e.g. transaction account, savings account, credit card, home loan, etc.) – in this case, 2,284 people. We did not include credit unions in our results.
Brands must have received at least 30 responses to be included. Results are comparative and it should be noted that brands receiving three stars have still achieved a satisfaction measure of at least six out of 10.
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 Kiwi Bank, ASB, and BNZ. Next with three stars apiece were ANZ and Westpac.
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 Kiwi Bank, 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 Kiwi Bank 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, Kiwi Bank, 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, Kiwi Bank, 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; Kiwi Bank, 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 – Kiwi Bank, 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. Kiwi Bank came next with a four star rating, ASB and BNZ received three, and Westpac and ANZ closed with two.