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Customer satisfaction for the major New Zealand banks increased for the seventh consecutive month and ASB maintained its leadership amongst the big five overall as well as for the highest value segment. 

March has seen the upward trend in satisfaction for the major banks continue.  A key feature of the March 2009 Roy Morgan Consumer Banking Satisfaction Survey is that the global financial crisis has had no obvious negative impact on customer satisfaction levels to date with the seventh consecutive month of improvement.  The survey affirms New Zealanders’ growing approval of their banks and with some banks' satisfaction levels at their highest in recent months.

Customer Satisfaction

The TSB Bank retained the highest overall satisfaction at 88%.  The average of the five major banks (currently 78%) has shown a seventh successive monthly increase in satisfaction levels, up 3.3 percentage points since August 2008.  Year-on-year, the five majors have increased satisfaction by 2.2 percentage points. 

The biggest gain in satisfaction over the last twelve months was by ASB Bank, up 4.7 percentage points to 81.8%, giving it clear leadership amongst the five majors.  This improvement was followed by Kiwibank with a 4.6 percentage point rise to 85.1%.  Westpac customers reported 76.8% satisfaction, up 3.6 percentage points for the year. The overall market leader remains TSB with 88% although it has reduced its lead over the last twelve months (down by 3.4%).

Norman Morris, Industry Communications Director says:

“These results show New Zealanders’ continued satisfaction with their banks despite the current economic backdrop with customers remaining confident that banks are doing a good job for them.  This positive trend is good news for the banks and shows that their initiatives during the recession are paying dividends with increasingly satisfied customers.” 

Chart 1: Customer Satisfaction, March 2007 to March 2009

“% Satisfied” is the proportion of all customers who are “Very” or “Fairly” satisfied with their overall relationship with that financial institution (on a five point scale)

ASB The Top Performer Amongst High Value Customers

The ASB is the clear leader amongst the ‘high value’ customers with 80.6% satisfaction.  This group (the top quintile) make up only around 20% of the market in terms of customers but account for around 65% of the total market value, giving it the greatest profit potential. Second place in this segment is the National Bank (76.1%), followed by Westpac (74.4%).

About Roy Morgan

Roy Morgan is a full service research consultancy with over 65 years experience offering both qualitative and quantitative research. For each of the last 6 years Roy Morgan has completed 12,000 interviews annually with New Zealanders aged 14 years and older obtaining detailed demographic, psychographic and lifestyle information plus detailed behaviours, satisfaction scores and purchase intentions in categories including:

• Finance, Media, FMCG, Food, Beverages, Telecommunications, Technology, Internet, Retail, Travel, Apparel, Pharmaceuticals, Cosmetics, Utilities, Automotive.

In the area of Finance:

Roy Morgan collects data on all financial institutions — not only data on their main financial institutions. A consistent approach in terms of survey method and questions asked ensures the data can be compared over time periods effectively.

The Roy Morgan Single Source information presented in this release is a syndicated research survey with the data available to anyone or any organisation. The research is not exclusively owned by, and therefore ‘closed’ to an individual owner or a small group of owners. As such the data is a truly independent source of information in the New Zealand financial market.

For comments or further detail, please contact:

Mark Dansey, Head of New Zealand Operations

Email: Mark.Dansey@roymorgan.com

Telephone: 64 (09) 912 7032; Mobile: 021 514 338

Norman Morris, Industry Communications Director

Email: Norman.Morris@roymorgan.com

Telephone: +61 (03) 9224 5172; Mobile: +61 402 014 474

Available to purchase on the Roy Morgan Online Store:

Detailed measures of customer satisfaction for New Zealand’s 7 major banking institutions:

• Customer Satisfaction
• Main Financial Institution Satisfaction
• Long Term Trends (2002 — 2009)
• Recent Trends (2007 — 2009)
• Customer satisfaction by Quintile (Highest value to Lowest value customers)

Available to purchase on the Roy Morgan Online Store

https://store.roymorgan.com/finance-NZ.

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