Bank satisfaction survey 2022

Satisfaction ratings

The Co-operative Bank came in first place this year with an impressive 86% of its customers very satisfied with the service they were getting. Six out of 10 customers were happy with the fees they paid.

TSB was second place, with 78% of its customers very satisfied. It topped the charts in 2021 and 2020. More than half of TSB customers picked the bank’s Kiwi ownership as the key reason they liked doing business with it.

Both banks stood out for above-average satisfaction scores for fees, timely responses to inquiries, responsible lending and value for money.

BNZ, Kiwibank and ASB all rated close to the industry average of 60%. Kiwibank had the highest proportion of customers who experienced problems in the past 12 months.

Of the seven banks in our survey, Westpac was bottom for overall satisfaction. It scored significantly below average, on 54%. Of Westpac customers who said they’d experienced a problem in the past 12 months, 67% said the problem was poor customer service.

The biggest player, ANZ, was near the bottom of the satisfaction table this year at 56%, a marked decrease from last year (65%).

Full results

The Co-operative Bank

Overall satisfaction: 86%
Responses: 58

Above-average satisfaction for: advice on products, fees, responsible lending, timely responses to inquiries, value for money
Below-average satisfaction for: -
Annual profit before tax: $24.3m
Market share: 0.5%

The Co-operative Bank claimed the top spot this year, as it did in 2019. The bank earned above-average ratings on all our five key performance measures. It also rated highly for branch banking. For 63% of customers, The Co-operative Bank’s Kiwi ownership was the main benefit of doing their banking with it.

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TSB

Overall satisfaction: 78%
Responses: 63

Above-average satisfaction for: fees, responsible lending, timely responses to inquiries, value for money
Below-average satisfaction for: -
Annual profit before tax: $59.6m
Market share: 1.4%

TSB continued its strong performance, scoring above average for four of our five key performance measures. This is the seventh year in a row that the bank has received a People’s Choice endorsement. Its customers are loyal: 82% said they were unlikely to switch banks any time soon. TSB customers were less likely to have any debt with the bank (for example, a mortgage or credit card).

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BNZ

Overall satisfaction: 64%
Responses: 317

Above-average satisfaction for: -
Below-average satisfaction for: -
Annual profit before tax: $1836m
Market share: 19%

BNZ’s overall satisfaction score of 64% is up from 54% in 2020. Its mobile app rated highly with customers.

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Kiwibank

Overall satisfaction: 61%
Responses: 354

Above-average satisfaction for: -
Below-average satisfaction for: -
Annual profit before tax: $174m
Market share: 4.4%

Kiwibank had the highest proportion of customers experiencing problems with its services in the past year (22%). It also rated below average for responsible lending (36%) and its call centre service (38%).

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ASB

Overall satisfaction: 60%
Responses: 454

Above-average satisfaction for: -
Below-average satisfaction for: -
Annual profit before tax: $1836m
Market share: 19.1%

ASB’s overall satisfaction score was on par with the market average. ASB customers were more likely to have multiple types of accounts or products with the bank, such as a savings account, KiwiSaver, personal loan and overdraft facility.

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ANZ

Overall satisfaction: 56%
Responses: 726

Above-average satisfaction for: -
Below-average satisfaction for: fees, value for money
Annual profit before tax: $2682m
Market share: 30.2%

ANZ’s overall satisfaction score was significantly below the market average. ANZ customers were the least likely to be satisfied with fees (31%) and value for money (32%). However, it rated above average for mobile banking.

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Westpac

Overall satisfaction: 54%
Responses: 413

Above-average satisfaction for: -
Below-average satisfaction for: -
Annual profit before tax: $1291m
Market share: 19%

Westpac stood out for the lowest satisfaction rating this year (54%). It scored significantly below average for branch service: 20% of customers were dissatisfied, compared with the industry average of 14%. It also had the lowest rating for phone, branch and mobile banking. Of those who had a problem with Westpac in the past 12 months, 69% said it was handled poorly.

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GUIDE OUR DATA are from a nationally representative survey of 2428 New Zealanders, aged 18 years and older, carried out online in January and February 2022. Satisfaction ratings show the proportion of respondents who scored their provider 8, 9 or 10 on a scale from 0 (very dissatisfied) to 10 (very satisfied). Ratings are shown for five key measures (advice on products, fees, responsible lending, timely responses to inquiries and value for money) and overall satisfaction. Figures may add to +/- 100% due to rounding. Banks’ market share is from the Banking Ombudsman Scheme annual report. Market share is based on total assets at 31 December 2020. Annual profit before tax is from each bank’s latest annual report.

People's Choice

The People’s Choice endorsement is given to banks that rate above average for customer satisfaction in our annual survey and meet our other performance criteria. Learn more about People's Choice here.

Trust issues

Trust appears to be eroding in the banking sector in comparison to last year. Rising cost of living challenges, lower savings and other pressures may be contributing factors. Our Sentiment Tracker shows that cost of living is the most concerning issue facing New Zealanders (42%).

Only half of customers think banks can be trusted, and 73% agree that the profit banks are making shows they’re charging too much. Just 36% agree that banks charge customers fairly and competition keeps their charges competitive.

Our 2022 survey results show:

Last year, banks reported 98,211 customer complaints to the Banking Ombudsman. Lending-related complaints rose sharply between October and December 2021, according to the Banking Ombudsman.