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Survey shows bank profit at expense of quality

MEDIA RELEASE
Finsec
the finance sector union

11 October 2006
For immediate release

Consumer Survey shows bank profit at expense of quality

The Consumers’ Institute survey of bank customer satisfaction again shows that New Zealand’s four big Australian owned banks are trailing locally owned banks when it comes to customer satisfaction.

The finance workers union, Finsec, says that if big banks want to improve the respect and faith of their customers then they need to stop putting constant sales, technology advances and profit ahead of long term customer relationships.

“The banks that have done the best in this survey are those that have focused on their communities and invested in their retail networks,” said Finsec General Secretary, Andrew Casidy.

“PSIS for instance does not have all the flash technological facilities of some of the big banks but is does invest in its people. It respects its customers and staff rather than viewing them as cash cows.”

“BNZ, Westpac and ANZ all have a long history in New Zealand and they should have the respect of their customers and communities. The fact that customers are rating other banks above these stalwarts says that the big banks are taking their eye off the ball. Long-term sustainability comes from high quality customer service, improved staff levels with low staff turnover and reinvestment of profits back into local branches and communities.”

ENDS

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