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

 

Local banks pip big Aussie banks for customer satisfaction


6 April 2018

Local banks pip big Aussie banks for customer satisfaction


Local banks have outstripped the big four Australian banks for service in Consumer NZ’s latest survey.

Consumer NZ chief executive Sue Chetwin said the survey found locally-owned TSB had the happiest customers with 87 percent very satisfied with the bank’s service.

The Co-operative Bank was close behind with a satisfaction score of 82 percent, followed by Kiwibank with a rating of 71 percent.

Aussie-owned banking giants ANZ and ASB ranked last.

“Just 52 percent of their customers were very satisfied with the service they were getting. Both banks rated below-average for value for money and their customers were also more likely to be thinking about switching,” Ms Chetwin said.

ANZ and ASB also stood out for their upselling practices.

“Their customers were significantly more likely to report the banks offered financial products, such as credit cards, without the customer requesting the product,” she said.

Overall, 27 percent of customers reported getting unsolicited offers from their bank for products ranging from insurance to mortgage top-ups. The most common offers were credit cards and increases in credit card limits.

“While there’s nothing wrong with banks letting their customers know about new products, the practice raises questions for us about the banks’ compliance with their responsible lending obligations,” Ms Chetwin said.

By law, lenders must ensure credit is suitable for borrowers and meets their needs.

“Our survey found less than half of the customers who got these offers thought the product was a good option,” she said.

Of those offered a new credit card or an increase in their card limit, only about one in three thought it suited their needs.

Survey results are available in the April issue of Consumer magazine and online at consumer.org.nz. A nationally representative sample of 1544 New Zealanders aged 18 years and over took part in the survey.
Banks’ customer satisfaction scores
TSB: 87 percent
The Co-operative Bank: 82 percent
Kiwibank: 71 percent
BNZ: 65 percent
Westpac: 55 percent
ANZ: 52 percent
ASB: 52 percent
Satisfaction ratings show the proportion of respondents who scored their provider 8, 9 or 10 on a scale from 0 (very dissatisfied) to 10 (very satisfied).

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Land Report: Issues With Soil Degradation

An environmental report released today has found we are damaging and losing our soils and our native plants and animals. More>>

ALSO:

Water Quality Report: Cause For Optimism

National River Water Quality Trends released by Land, Air, Water Aotearoa (LAWA) this week, reveal that for all river water quality parameters monitored over a 10 year period, more sites were improving than deteriorating. More>>

ALSO:

IMF Report On NZ: Positive Economic Outlook

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy. More>>

ALSO:

Retail Power Price: Review Panel Named

The Energy and Resources Minister Megan Woods has released the details of who will sit on an expert advisory panel which is tasked with leading a review into the price of electricity in New Zealand. More>>

ALSO:


Increasingly Disruptive Threats: Govt Cyber Security Refresh

Broadcasting, Communications and Digital Media Minister Clare Curran today announced a comprehensive refresh of New Zealand’s approach to cyber security. More>>

ALSO:


Regional Growth: Action Plan To Modernise Taranaki’s Economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural ... More>>

ALSO:

Winding Down Irrigation: Funding Ends For Crown Irrigation Investment

The Government has begun winding down public funding for large-scale irrigation through Crown Irrigation Investments Limited (CIIL), in line with the Coalition Agreement and the Confidence & Supply Agreement. More>>

ALSO: