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


Federated Farmers: NAIT Levy Increases Must Achieve Accurate, User-friendly System
Nobody welcomes extra costs but if OSPRI is to catch-up on under investment in the NAIT platform and deliver on its workability and farmer support, levy increases are probably necessary, Federated Farmers says... More>>

Westpac: More Job Opportunities, But Growth In Workers’ Earnings Remains Subdued

The Westpac McDermott Miller Employment Confidence Index rose 1.2 points in the December quarter, to a level of 106.9. This was the sixth straight rise in the index since the Covid-19 lockdown in 2020. Michael Gordon, Acting Chief Economist for Westpac, noted that the rise in the index has largely been driven by perceptions... More>>

Statistics: Card Spending Continues To Increase As COVID-19 Restrictions Ease

The busy Christmas period combined with easing COVID-19 restrictions helped to increase card spending in December 2021, Stats NZ said today... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>

Insurance Council of New Zealand: September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M

Gale force winds and storms between 9 and 13 September 2021 resulted in insurers supporting communities to the tune of $36.5 m. This is a significant rise, of $16.7 m, on preliminary figures for the event and lifts the end of year total for all extreme weather events in 2021 to $321.6 m... More>>

Statistics: Building Consents Hit New Highs In November
There were a record 48,522 new homes consented in the year ended November 2021, Stats NZ said today. This was up 26 percent compared with the year ended November 2020... More>>