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Click here to purchase the detailed "Roy Morgan New Zealand Banking Customer Satisfaction Report"

The latest Roy Morgan New Zealand Banking Customer Satisfaction Survey shows that TSB Bank continues to stretch its lead over other rivals

The latest survey of New Zealand banking customer satisfaction shows TSB Bank with a 90.5% customer satisfaction level. These results, for the six months to December 2009 show that TSB Bank remains well ahead of closest rival Kiwibank (82.1%). Compared against the same period in the previous year, TSB Bank were up 3.0% points and 4.0% points higher than the previous quarter (September 2009). In addition, TSB Bank was the only bank to grow its customer satisfaction year-on-year, while the six other banks had declined.

The New Zealand-owned TSB Bank and Kiwibank are regularly the two highest in terms of customer satisfaction, however in recent months the TSB Bank has pulled ahead of Kiwibank. Comparing December 2009 against June 2009, TSB grew by 3.1% points, while Kiwibank fell by 2.2% points.

The five major banks (ANZ, ASB, BNZ, National Bank, Westpac) averaged a 75.3% satisfaction level, which illustrates the lead of the smaller locally-owned banks.

Chart: Customer Satisfaction
(Source: Roy Morgan Research August 2001 — December 2009)

Mark Dansey, Head of New Zealand Operations, Roy Morgan Research says:

“TSB Bank and Kiwibank have constantly outperformed the five major banks in customer satisfaction. In December 2009, nine out of ten TSB Bank customers were happy with their bank. Although Kiwibank experienced a small decline year on year, its satisfaction rating of 82.1% was well ahead of the average of the five major banks (75.3%). Both banks consistently promote a strong local connection. On these results their promotions suggest an empathy and credibility with their local customers. TSB Bank in particular seems to be pulling away from all rivals with a 90.5% customer satisfaction rating — their highest in over a year.”

Main Financial Institution (MFI)* Satisfaction

Looking at satisfaction levels for the customers’ main bank, shows even higher results with the TSB Bank on 93.3% satisfaction and Kiwibank on 90.6%. The five major banks averaged 80.9% satisfaction, with the ASB highest of these on 87.1%. This suggests an even stronger loyalty and satisfaction with their MFI and a lower likelihood of changing banks.

Table: MFI* Customer Satisfaction

(Source: Roy Morgan Research July — December 2009)

*Main Financial Institution (MFI): The institution a respondent has nominated as their main financial institution. A respondent can only nominate one institution, independent of what products are held at the institution. 

For the detailed “New Zealand Banking Customer Satisfaction Report” — visit the Roy Morgan Online Store: http://www.roymorganonlinestore.com/Browse/New-Zealand/Finance.aspx

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

Suela Qemal, Finance Industry Director

Email: Suela.Qemal@roymorgan.com

Telephone: +61 (03) 9223 2393

About Roy Morgan Research:

Roy Morgan Research is the largest independent Australian research company, with offices in each state of Australia, as well as in the United States, United Kingdom, New Zealand and Indonesia. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan Research has more than 65 years experience in collecting objective, independent information on consumers.

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.

Margin of Error

The following table gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.

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