Banking Satisfaction

Banks play a key role in our lives and if you’re going to trust one with your finances, it should be one that delivers on customer satisfaction and value.

Whether you’re sending or receiving money, banking your salary or paying off the mortgage, the services banks provide are the currency of our lives. All those fees and costs you pay are of great value to your bank, so it’s important to know your bank is of great value to you. 

As part of our mission to inform consumers of the best NZ has to offer, Canstar canvassed the opinions of 3583 New Zealanders who had one or more accounts or products with a bank, across a range of categories, to measure and track their satisfaction.

To decide which bank offers the best level of customer satisfaction, each was rated across the following categories:

• Overall Satisfaction
• Communication 
• Customer Service 
• Digital Banking
• Fees and charges
• Interest Rates
• Product Range
• Self-Service Functionality

Coming out on top is The Co-operative Bank. The only bank this year to earn a 5-star overall satisfaction rating. The Co-operative bank also boasts a further six 5-star ratings, outperforming its competitors in nearly every category. The only other banks to receive 5-star ratings are SBS Bank and TSB Bank.

What Customers Want

Looking at what drives Kiwis’ satisfaction levels with their banks, it’s intriguing to discover that cost isn’t a major factor! Customer Service (20%) and Communication (18%) are our main concerns. Interest Rates (11%) and Fees and Charges (9%) rate far less highly.

This is a surprising statistic, but one that can be explained by our research: 34% of respondents in our survey have all their financial products with one bank (33% have their KiwiSaver with their bank, too), and just 4% have switched banks to get a better deal on their credit cards.

Kiwis are clearly keen to stick with their bank for all their financial needs. And if we are going to deal with them for everything, it makes sense that we value good customer service and communication. Since Kiwis are sticking with one bank, it’s no surprise to see that customers value product range (15%) over other key services, such as digital banking (14%).

Overall, the main drivers of satisfaction:

Looking to the Future

Planning for your future can take some serious financial muscle. The dream house or holiday doesn’t come cheap, so it’s important to be smart with your savings. It’s a little worrying, then, to see Kiwis are not thinking as far ahead as they should be.

Our research shows half of all Kiwis don’t know what they spend each month. Furthermore, 64% of those surveyed said they don’t stick to a budget and a whopping 74% don’t have long-term financial goals!

If you want to get on top of your finances, it can take a bit of managing and advice plus great banking tools. So it comes as no surprise that this year’s winner, The Co-operative Bank, has not only 5-Star customer service and communication, but 5-Star digital banking and self-service functionality. 

As fewer and fewer people visit bricks-and-mortar banks, being able to budget on the go, at home or without the need for a sit-down meeting is an important tool in setting up your financial future. And having a bank that makes it painless and easy is a great place to start. 

If you are looking to make your finances easier, it might be time to change … to the winner of Canstar’s Most Satisfied Customers award, The Co-operative Bank.