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.
Once again, BNZ is Canstar's Bank of the Year Small Business.
Across the five major banks – ANZ, ASB, BNZ, Kiwibank, Westpac – our expert research team analysed banking products covering:
- Business Loans
- Business Credit Cards
- Business Saving & Transactional Accounts
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 consumer satisfaction.
The three categories each bank was assessed on for this 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 BNZ is Canstar's Bank of the Year Small Business
Awarding BNZ its second consecutive Bank of the Year Small Business Award, our research team recognised BNZ for continuing to deliver its extensive suite of business products, services and support to New Zealand customers.
The bank performed well in our Product Assessment category due to its market-leading Business First OnCall savings account and competitive Business First Transact Account.
In its research, our award panel noted that BNZ’s small business products are complemented by its extensive suite of business banking services. These are underpinned by a nationwide branch and ATM network – which includes a large number of 24/7 smart ATMs that accept both note and coin deposits – competitive merchant services functionalities and well-resourced customer support availability.
For start-up businesses, BNZ also waives loan application fees and provides start-up packages with no minimum-years-in-operation requirement.
Market update
While researching this year's award, our team of analysts highlighted the following market conditions:
- The four Australian-owned major banks – ANZ, ASB, BNZ and Westpac – continue to dominate the market, due to their size and number of branches.
- The only real domestic challenger is Kiwibank.
- Open banking could lead to increased competition in the future, as small businesses embrace third-party payment, budgeting and reconciliation platforms.
- The most significant year-on-year change occurred among the banks' savings accounts, as deposit returns compressed due to Official Cash Rate easing.
- Due to lower returns on savings, business banking customers increasingly prioritised low fees and charges when rating overall satisfaction with their banks.
- One significant area where costs are falling for NZ small businesses is card acceptance, due to regulation aimed at reducing interchange fees.
