Westpac edges closer to ASB in high value customers

The country's high rollers are liking what they see at Westpac.

The bank made the largest gains in the "high value" segment of the latest Roy Morgan Banking Customer Satisfaction survey.

It's the slice of the banking market where there is the greatest potential for profit.

Westpac rose 7.9 percentage points to a 75.2 per cent level of satisfaction in the 12 months to May in the high value segment.

These customers make up 20 per cent of the market in terms of customers but account for 65 per cent of the total market value.

The bank named George Frazis as its new New Zealand chief executive late last year.

Despite Westpac's healthy rise, it's a market segment still dominated by ASB.

ASB added 5.5 points to maintain the top position in the high value segment at 81.6 per cent.

The five major banks rose 3.6 per cent to a 76.3 per cent satisfaction level in the high value segment.

Average bank customer satisfaction in May showed a small decrease of 0.4 percentage points to 75.7 per cent. This came on top of a 0.3 percentage point dip in April.

The five major banks dropped 0.5 percentage points to 77.2 per cent.

TSB Bank continues to record the highest level of bank satisfaction at 85.5 per cent overall and 90.7 per cent for home loan customers.

ASB has the highest level among the major banks at 80.9 per cent overall and 84.7 per cent for home loan customers.

- NZPA