Compare banking satisfaction in New Zealand at Canstar. The Co-operative Bank, ANZ, ASB Bank, BNZ, Kiwi Bank, SBS, TSB Bank and Westpac were compared on Overall Satisfaction, Ability to Meet Banking Needs, Communication, Customer Service, Digital Banking, Fees and Charges, Interest Rates and Value for Money.
Ability to Meet Banking Needs
Fees and Charges
Value for Money
*Overall satisfaction is an individual rating and not a combined total of all ratings. Brands with equal overall satisfaction ratings are sorted by the mean overall satisfaction score as rated by consumers. Canstar research finalised in June, published in July 2022.
How well do you rate your bank’s products and service? While Canstar’s latest research reveals that most Kiwis (65%) are shopping around for the best financial products – splitting savings, term deposits and mortgages between banks – our data also shows that very few are actually changing banking providers: just 4% in the past year.
But not all banks are created equal. There’s a wide diversity in the products and value offered by our different financial institutions. And our research shows that, for most bank customers, service and effortless banking are key, a more important aspect of banking satisfaction than simply rates and fees.
But how do you know which bank offers the best all-round customer satisfaction? Simple, you ask real people to rate their banks, which is what Canstar does each year as part of its mission to inform consumers of the best NZ has to offer.
This year we canvassed the opinions of 4034 New Zealanders who had one or more accounts or products with a bank, and asked them to rate their banks across a range of categories, to measure and track their levels of customer satisfaction.
To decide which bank offers the best level of customer satisfaction, each was rated across the following categories:
Coming out on top for the second year in a row is The Co-operative Bank, the clear winner of Canstar’s award for Most Satisfied Customers | Banking.
Once again, The Co-operative Bank earns top 5-Star ratings in all but one category, Fees and Charges, for which it earns an admirable 4-Star rating.
To put The Co-operative Bank’s achievement into perspective, only two other banks in this year’s award achieve 5-Star ratings in any field:
And, most importantly, The Co-operative Bank is the only bank to earn a top 5-Star rating from its customers for Overall Satisfaction, making it, once again, our top award winner.
As mentioned above, a bank’s Ability to Meet Banking Needs and Customer Service are the top two drivers of banking satisfaction (23%).
It’s interesting to note that Fees and Charges (8%) and Interest Rates (4%) score poorly as key drivers of satisfaction. Of far greater importance for bank customers is Value for Money (20%), which represents the true cost of the consumer banking experience.
Overall, the main drivers of satisfaction are:
The Co-operative Bank is a New Zealand bank that is 100% owned by its customers. Founded in 1928, it has operated as The Co-operative Bank since 2011.
As well as great customer satisfaction, it offers everything you’d expect from a high-street bank:
The Co-operative Bank also has a Canstar 5-Star rated credit card. Its Fair Rate Credit Card offers:
In addition to a full suite of loan products at competitive rates, including Home Loans, Personal Loans and Overdrafts, The Co-operative Bank also sells insurance products, to secure you and your family’s possessions and financial wellbeing.
So if you’re dissatisfied with your bank and the service and value for money that it delivers, why not move to a bank that comes with a 5-Star seal of satisfaction guaranteed? Move your banking to The Co-operative Bank, the winner of Canstar’s 2022 Award for Most Satisfied Customers | Banking.
Stick to a budget: 39%
Worry about budget and finances: 36%
Have all financial products with one bank: 35%
Have their KiwiSaver with their bank: 35%
Know their monthly spend: 35%
Never carry cash: 31%
Have a long-term savings plan in place: 28%
Regard their bank as a good place to get financial advice: 22%
Intend to contribute towards child/children’s first home: 16%
Account is often in overdraft: 10%
Think bank branches irrelevant: 8%
Have mortgage and savings with different banks: 6%
Have switched banks in past 12 months: 4%
Mobile app: 61%
Bank’s website: 31%
Physical branch: 4%
Over the phone: 3%
Canstar surveyed 5000 New Zealand consumers across a range of categories to measure and track customer satisfaction, via ISO 26362 accredited research panels managed by Qualtrics. The outcomes reported are the results from respondents who have one or more accounts or products with a bank. In this case, 4034 New Zealanders. Brands must have received at least 30 responses to be included. Results are comparative and it should be noted that brands receiving three stars have still achieved a satisfaction measure of at least six out of 10. Not all brands available in the market have been compared in this survey. The ratings table is first sorted by star ratings and then by mean overall satisfaction. A rated brand may receive a ‘N/A’ (Not Applicable) rating if it does not receive the minimum number of responses for that criterion.
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