Kiwis prefer their homegrown banks
New Zealand customers hold Australian banks to a higher standard than their Kiwi competitors, a banking expert says.
Canstar has released its latest customer satisfaction ratings for New Zealand banks.
Local operators TSB, The Co-operative Bank and Kiwibank were the top-rated performers. It was the fifth time TSB had received the Overall Customer Satisfaction Award.
Australia’s big banks, which are the parent organisations of ASB, BNZ, Westpac and ANZ, are being investigated by a royal commission into misconduct. That inquiry has only just begun, but has already heard many revelations of poor conduct.
There have been calls for a similar inquiry here.
‘‘As coverage of the banking royal commission picks up steam in New Zealand, it will be interesting to see how much of an impact, if any, it will have on us,’’ said Canstar Blue general manager Jose George.
‘‘It remains to be seen how much regulators and consumers here will take the ‘assume nothing, question everything’ approach and it is not yet clear if this will reveal a widening of the NZ/Australian bank divide or whether the ripples will fail to make waves.’’
Claire Matthews, a banking expert from Massey University, said the New Zealand banks had a better image in this country than their Australian-owned counterparts.
‘‘People like to like them. There is a lower threshold for TSB, SBS, The Cooperative Bank and Kiwibank, They’re New Zealand-owned, they’re not big Aussie banks – people rate them higher for that. People are more tolerant of any issue.’’
She said customers were more critical of the Australian-owned banks and were less likely to be their customers.
‘‘It doesn’t take as much for them to be seen as unsatisfactory.’’
But she said no bank was immune to the possibility of poor behaviour.
‘‘They all have good staff and they all have the odd rogue staff member. From time to time they are going to do things that upset customers.’’
Her colleague, David Tripe, said the banks were also helped by their focus on personal customer service. They do not compete on price as much as on their culture.
George said the banking world was evolving. Almost 90 per cent of customers did most of their banking online.
But customer service – in areas ranging from face-to-face communication to chatbots – was still the biggest driver of satisfaction.