KEY POINTS:
Kiwibank leads the field in happy bank customers but its satisfaction rate has declined slightly, an annual survey shows.
The Roy Morgan New Zealand bank satisfaction survey found the two leading minor banks, TSB and Kiwibank, continued to outperform the five major banks in terms of customer satisfaction, with levels of 93.2 per cent and 80 per cent respectively.
But Kiwibank has shown the only decline among all reported banks over the past 12 months, down 2.4 percentage points.
Of the five major banks, customer satisfaction improved 3.8 percentage points to 75.6 per cent in the year to July.
The biggest improver was Westpac, where satisfaction increased by 6.1 percentage points to 71.1 per cent.
"Westpac had dropped the ball on consumer banking, especially in the important mortgage market and had lost market share," said Leslie Morton, Finance Industry Director at Roy Morgan New Zealand.
"More competitive product offerings have started to bear fruit. "
Westpac still trails its competitors, with the National Bank reporting a satisfaction level of 79.3 per cent. Following closely was ASB at 78.5 per cent. BNZ improved to 75.2 per cent, and ANZ had a satisfaction rate of 73.7 per cent.
- NZPA
