Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


"Term Deposits are Dead"

Customer advocacy rules as ownership of customer’s total banking relationship diminishes

18 May 2004 –

Superbank is on course to reach a quarter of a billion dollars in deposits for its SuperSaver product by the end of September. SuperSaver is experiencing exponential growth by redefining the term deposit market in New Zealand with its “Term Deposit Returns without the Terms” positioning. Deposits recently passed $150 million and new account balances average $24,000.

Customers are adding SuperSaver to their portfolio as a complement to their existing banking facilities. With Superbank customer advocacy ratings at an extremely high level, they are also discussing the benefits of SuperSaver amongst networks of friends and colleagues with term deposits.

“Customer advocacy is our most important performance metric,” says James Munro, chief operating officer of Superbank. “Satisfaction surveys don’t tell the whole story and often lead to complacency. The ultimate measure of satisfaction is whether or not your customer would put themselves on the line by recommending you and your products to a friend or family member, without any incentive to do so.

Our customers do this in increasing numbers, telling their friends that term deposits are dead, proving that SuperSaver is not a me-too product. “Traditionally banks have talked of owning the total customer relationship and they achieved this by hooking the customer on a cornerstone product and then relying on customer apathy to gain the rest of the business. Those days are ending. Superbank products will continue to redefine product categories and will win customers based on being best of breed for their needs. If we were to end up fulfilling all a customer’s banking needs, we want to do so because each product has proven itself in the minds of the customer as the best choice.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news