Locally-owned banks are outranking their larger competitors in the customer satisfaction stakes.The latest Roy Morgan New Zealand Banking Customer Satisfaction Survey has determined TSB leads the pack in terms of overall satisfaction from customers.TSB re
Locally-owned banks are outranking their larger competitors in the customer satisfaction stakes.
The latest Roy Morgan New Zealand Banking Customer Satisfaction Survey has determined TSB leads the pack in terms of overall satisfaction from customers.
TSB remained the market leader as customers reported satisfaction levels of 91.4% with the bank’s service in the six months to February.
Kiwibank ranked second, with a satisfaction level of 83.2%.
Roy Morgan, the largest independent Australian research company surveyed close to 6000 people in the survey.
It found overall customer satisfaction levels with the five major banks, rose 1.2 points to 7.2% from the previous six months to November 2009.
Westpac recorded the biggest improvement, with satisfaction from customers rising 2.8% to 73,8%, followed by ASB, up 1.6% points to 79.6%.
The survey rated the country’s five biggest banks as follows:
- National Bank (79.7%)
- ASB (79.6%)
- BNZ (74.3%)
- Westpac (73,8%)
- ANZ (72.5%)
Roy Morgan’s customer analytics manager Scott Muirhead said the sentiment levels had returned to well above their average performance over the last seven years and are getting closer to their peak (78%) reached in March 2009.
“The challenge for majors will be to continue this positive recent trend and to close the big gap to the market leaders TSB Bank and Kiwibank.”
Meanwhile, New Zealand's Finsec and Australia's Finance Sector Union is conducting a major public survey to find out what customers really want from their banks.
The survey can be found online at www.better-banking.org until Monday.
