ANZ, New Zealand’s largest bank, ranked lowest in Consumer NZ’s most recent bank satisfaction survey. The survey, which included responses from 1,920 banking customers across 17 service areas, found that ANZ scored just 57%, placing it at the bottom of the rankings.
Meanwhile, the Co-operative Bank led the survey with a score of 77%, while the average satisfaction score across all banks was 64%.
For the fourth consecutive year, The Co-operative Bank has been ranked highest in Consumer NZ’s customer satisfaction survey. It excelled notably in areas such as digital banking, savings interest rates, and financial advice.
“It’s an impressive result, especially considering its market share – less than 1%,” Consumer NZ chief executive Jon Duffy said.
However, for Duffy, bigger is not always better. “ANZ is New Zealand’s most profitable bank, with the biggest market share, but when it comes to customer satisfaction, it finished bottom of our survey.”
ANZ received low ratings for its savings interest rates, fees, responsible lending practices, financial advice, and overall value for money.
Duffy expressed hope that banks would review the survey results and consider ways to improve their performance.
Besides customer satisfaction, the survey indicated that one in five New Zealanders has been a victim of a scam involving their bank account or a financial service.
Scams are estimated to cost New Zealanders billions annually. In 2023, reported losses amounted to $198 million, although experts estimate the actual total to be over $2 billion.
Duffy said that while some progress has been made in tackling scams, New Zealand still trails behind other countries in this area.
“Banks have rolled out confirmation of payee, and a reimbursement code is on the way, which is a step forward.”
Duffy acknowledged that while it’s not perfect and efforts are being made, there is still a major gap to close.