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Customer Satisfaction

Overall bank satisfaction decreased only slightly for the month of June (by 0.2 of a percentage point to 75.5%) although levels remain higher than they were 12 months ago.  Year on year, the average of all banks showed satisfaction levels increased by 0.9 of a percentage point.

Results for June 2009 also show the two smaller banks (Kiwi Bank and TSB Bank) widened their lead marginally over their bigger rivals from the previous month.

Westpac made the largest gain year on year, moving up 2.9 percentage points to 75.9% in June 2009, followed by BNZ up 2.5 percentage points to 75.7%.

Chart 1: Customer Satisfaction, June 2007 to June 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)

Despite the improvement from the major banks over the last 12 months, the market leaders are still clearly the two smaller banks with TSB the highest on 87.4% (down 0.7 percentage points for the year), followed by Kiwibank 84.3% (up 1.2 percentage points).

Norman Morris, Industry Communications Director says:

“The June 2009 results show that while there has been a marginal lift in customer satisfaction levels for some banks, on average there has been little change from the previous month and in fact no change from December 2008 levels.

“With signs that the global financial crisis appears to be easing and that consumer confidence is rising (Roy Morgan New Zealand Consumer Confidence for mid September is now 120.0 — the highest since January 2008), it will be interesting to see if this has any effect on customers’ perceptions of their banks in the coming months.”

Main Financial Institution Satisfaction 

Main Financial Institution (MFI) Satisfaction also remained stable in the 12 months to June, on 83.4% across all banks.  Gains made by Kiwibank, the biggest improver year on year (up 2.3 points to 90.9%) were offset by decreases in satisfaction levels for other banks.  An average of the five majors showed satisfaction levels decreasing by 0.2 points to 82.4% in the 12 months to June 2009. 

ASB Rates Highest Amongst High Value Customers but Westpac Gaining

Amongst the major banks, ASB currently ranks number one for satisfaction amongst high value customers (top quintile) with 80.0% satisfied but Westpac has gained the most in this valuable segment over the last 12 months (up 7.3 percentage points to 74.4%). The top quintile makes up around 20% of the market in terms of customers but accounts for around 65% of the total market value, giving it the greatest profit potential.

About Roy Morgan Single Source: Comprehensive, Consistent and Independent

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 where respondents hold deposit accounts — 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 on the Roy Morgan Online Store are 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

http://www.roymorganonlinestore.com/Browse/New-Zealand/Finance.aspx.

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