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Kiwibank tops customer satisfaction ratings

Source: Roy Morgan Single Source (New Zealand). 12 months to December 2016, n= 6,383; 12 months to December 2017, n= 6,409 Base: New Zealanders 14+. 1. Based on customer numbers. Insufficient sample beyond 9 largest banks 2. Includes brands not shown.
The latest results from Roy Morgan show that Kiwibank had the highest satisfaction of the largest New Zealand banks in the 12 months ended December 2017, with a rating of 83.9%, up from 82.6% over the same period in 2016. This places it currently well above the New Zealand average across all banks of 78.2%.

These results are from Roy Morgan’s Single Source (New Zealand) survey of over 6,000 banking and finance consumers per annum.

New Zealand banks show improved satisfaction in 2017

In the year to December 2017, overall consumer satisfaction with banks in New Zealand was 78.2%, this has increased from 77.1% in the previous year. Of the largest New Zealand banks, six showed improved satisfaction, with the biggest gains coming from BNZ, up 2.2% points to 79.6% and ANZ up 2.0% point to 79.6%. 

The three banks showing declines in satisfaction were SBS Bank (down 4.3% points), TSB Bank (down 3.5% points) and The Co-Operative Bank (down 2.2% points).

NZ Consumer Banking Satisfaction - Largest Consumer Banks1

Source: Roy Morgan Single Source (New Zealand). 12 months to December 2016, n= 6,383; 12 months to December 2017, n= 6,409 Base: New Zealanders 14+. 1. Based on customer numbers. 2. Includes brands not shown.

In 2017, Kiwibank with 83.9% took over top position from TSB which fell back to 82.4%. They were followed by BNZ and ANZ, both on 79.6%. The banks performing below average were SBS Bank, Westpac, Rabobank, ASB and The Co-operative Bank.

TSB Bank has the highest advocacy score among MFI customers

Of the largest banks considered by customers to be their MFI (main financial institution), TSB Bank customers with 91.7%, have the highest likelihood (high advocates) of recommending them to a friend or colleague. They are followed by The Co-Operative Bank (86.6%) and Kiwibank (73.3%).

High Likelihood1 of Recommending MFI Bank - Largest MFI Banks2

Source: Roy Morgan Single Source (New Zealand). 12 months to December 2017, n= 6,409. Base: New Zealanders 14+. 1. Highly likely to recommend bank based on a score of 8, 9 or 10 on a scale where 1 = very unlikely or 10 = very likely. 2. Based on MFI customer numbers. 3. Includes MFIs not shown. 

The customer average across all MFIs for high advocates is 60.8%, with ANZ (56.8%) and Westpac (51.8%) being the two largest players performing below average. This analysis is based on fewer banks due to some having a low proportion of MFI customers.

Norman Morris, Industry Communications Director, Roy Morgan, says: 

“There are some tentative positive signs of improving satisfaction with New Zealand banks over the last 12 months to levels above the long term average. Despite this overall improvement, there remains a wide gap in satisfaction levels between the highest and lowest performers, as well the fact that not all banks showed improvement over the last year.

“In terms of the likelihood of MFI customer recommending their bank to others (ie high advocates), this is also an important customer focused metric but there are very major differences in bank performance on this from just over half to over 90%.

“Satisfaction and Advocacy are both important in measuring customer predisposition and loyalty towards their bank. With this in mind, banks need to understand their position on both of these metrics relative to their major competitors and learn from the best performers.

“The data shown here is only a very small part of the New Zealand consumer finance data available from Roy Morgan. Other banks included in the survey are Citibank, HSBC, Macquarie, and Heartland Bank. The full database enables a truly holistic and unique understanding of consumers financial behaviour and trends gathered from over 6,000 interviews per annum.”

For comments or more information please contact:
Suela Qemal, General Manager - Financial Services & Consulting
Office: +61 (3) 9629 6888

About Roy Morgan

Roy Morgan is the largest independent Australian research company, with offices throughout Australia, as well as in Indonesia, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan has over 70 years’ experience in collecting objective, independent information on consumers.

Margin of Error

The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error 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.

Sample Size

Percentage Estimate


25% or 75%

10% or 90%

5% or 95%