If you run a small business, you can’t choose your customers, but you can choose your bank. And while both are vital for financial success, only a bank can help provide the extra support and services to ensure that your business flourishes.
This year is the fourth year in a row that ANZ has earned Canstar’s top award Bank of the Year | Small Business – a commendable feat that cements ANZ’s position as the No.1 choice for business banking in Aotearoa.
It’s yet further recognition of the bank’s dedication to its business customers and comes on the back of ANZ also winning Canstar’s Bank of the Year | Business Credit Cards Award, again for the fourth consecutive year.
Bank of the Year | Small Business Award
Across the five major banks – ANZ, ASB, BNZ, Kiwibank, Westpac – our expert research team analysed over 50 banking products. Using Canstar’s unique methodology, our researchers compared the product offerings and banking services available to small business customers in New Zealand, as well as their customer satisfaction.
The three categories each bank was assessed on for year’s Bank of the Year Award covered:
- Products: deposit and savings accounts; loans, credit facilities, credit cards and equipment finance; insurance
- Business banking services: international banking and risk management support services; market advice and insights; physical branches
- Customer satisfaction: value for money, communication and dispute resolution
Why ANZ won Bank of the Year | Small Business
When reporting on ANZ’s Bank of the Year Award win, our research team noted that the bank consistently delivers products and services that place it ahead of the competition:
- Effectively fee-free, high-volume transaction account
- Overdraft account that comes with 200 fee-free transactions per month
- Fully functional overdrafts and term loans
- Market-leading low-rate and Airpoints rewards credit cards
- Call centre open for general business enquiries 12 hours weekdays and 10 hours on weekends
Commenting on ANZ’s win, Jose George, General Manager at Canstar New Zealand, says the bank’s support for small business is incredibly valuable, both for the sector but also for the country.
“Our annual research shows that small businesses are battle-weary. Those that survived the pandemic were then hit with labour shortages, inflation, and rising household costs. Small business owners have had to be incredibly agile, rethinking commercial models, strategies, and revenue flows.
“That’s why this award is so important. It showcases the bank that stands behind our small business community, which is integral to our economy. ANZ is a valued financial partner to so many of our small business owners, and our surveys show how impressed they are. Congratulations to ANZ’s team for this achievement.”
Lorraine Mapu, managing director for business & agri banking ANZ, says small businesses have shown resilience and an ability to adapt to the many challenges they’ve faced over the past few years.
“We’re passionate about the role we play in helping business owners start, run, and grow successful businesses. Our team works hard to connect and really understand what our customers are dealing with and how we can best support them.
“A thriving small business sector is vital to New Zealand’s economy, and we’re really pleased to see our support for customers once again recognised with this award.”
About the author of this page
This report was written by Canstar’s Editor, Bruce Pitchers. Bruce has three decades’ experience as a journalist and has worked for major media companies in the UK and Australasia, including ACP, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. Prior to Canstar, he worked as a freelancer, including for The Australian Financial Review, the NZ Financial Markets Authority, and for real estate companies on both sides of the Tasman.