Kiwi-owned banks beat Aussie rivals again – Personal Finance

TSB Bank has topped a customer satisfaction survey. Photo/Warren Buckland.
TSB Bank has topped a customer satisfaction survey. Photo/Warren Buckland.

Kiwi-owned banks have won out against their Aussie-owned rivals in a survey looking at the satisfaction of bank customers.

Research by financial product rating company Canstar Blue found TSB Bank was the top performer when it came to customer service, inquiry and problem handling, fees and charges and interest rates.

The Co-operative Bank and Kiwibank came second and third in the research while the Australian-owned banks – ANZ, ASB, BNZ and Westpac – were placed down the list.

It is the second time this year New Zealand-owned banks have won out in customer research.

Last month the three New Zealand banks also topped a People’s Choice award handed out by Consumer New Zealand.

Canstar Blue general manager Jose George said top ratings was a huge feather in the caps for New Zealand banks.

“Daily headlines talk about interest rates and the latest banking apps yet making a customer feel valued and providing a service where they want, when they want it, is still proving to be the foundation of customer satisfaction.”

Kevin Murphy chief executive of TSB Bank said the recognition was very rewarding for its staff.

“One of our values at TSB Bank is ‘putting people first’ and we strive to do this in every interaction and with every customer.

“An award like this shows us that our efforts are working and I’m very proud of our entire team for helping us to stand out a cut above the rest.”

Canstar’s research also found nearly one in four people feel uncomfortable thinking about our long-term financial future and only 46 per cent are saving for retirement.

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“This is worrying insight,” said George.

But it also found people were more likely to save for retirement as they got older with 61 per cent of generation X saving compared to just 47 per cent of those in generation Y.

George said the survey also showed younger people were better at sticking to a budget.

“…so it’s possible that lack of retirement saving in this age group is down to financial constraints rather than lack of awareness or desire.”

Canstar’s research involved 2412 people.

- NZ Herald