Two-thirds of us have no long-term savings plan

6 June 2019

New Zealand’s banks are in the spotlight as never before. The bank conduct and culture review and the Capital Adequacy Framework which have dominated the headlines recently, may not have helped shift the dial on New Zealanders’ perception of their banks. Canstar wanted to find out whether this has had any impact on customers’ confidence and satisfaction in their banks.

Canstar’s Banking Satisfaction survey of nearly 2500 people reveals that only one in four (27%) see their bank as a place to get good financial advice.

The survey also highlights some alarming figures on budgeting and spending habits. More than 40% of those surveyed don’t know what they spend every month and 60% don’t stick to a budget. That same number - 60% - also say they don’t worry about their budget or finances.

That throws up the question: are the messages about saving for a rainy day or for our retirement really getting through? Canstar’s survey shows that more than two-thirds of customers (68%) don’t have any long-term savings plan in place.

Although many of us are increasingly carrying out our banking online, Canstar’s survey shows that an overwhelming majority (94%) think we still need bank branches, and 85% say banks are still necessary.

Comparing banks for overall satisfaction, The Co-operative Bank wins Canstar’s 2019 Most Satisfied Customers Award for banking satisfaction.

“This is a great achievement for The Co-operative Bank, winning Canstar’s Most Satisfied Customers Award. It was rated 5-stars for overall satisfaction, and recognised as the market leader in banking satisfaction for the fourth time in the last eight years,” says Jose George, Canstar New Zealand General Manager.

“Customer feedback indicates that customer service, digital banking and problem resolution are the biggest drivers of satisfaction, and The Co-operative Bank was the only bank to score 5-stars for all three,” adds Mr George.

The Co-operative Bank's win shows that although banking is an area of rapid technological change, the traditional core value of great customer service is as important as ever. That approach extends to the very top of The Co-operative Bank.

CEO David Cunningham says: “As CEO, if a customer raises an issue with me, I will pick up the phone and call them, and take ownership for resolving the issue. It often surprises customers that the CEO rings them, but it reflects the culture of The Co-operative Bank, with everyone caring deeply about the experience we provide our customers.”

BANKING SATISFACTION

Compare banking satisfaction in New Zealand at Canstar. The Co-operative Bank, ANZ, ASB, BNZ, Kiwibank, TSB and Westpac were compared on customer service, digital banking, problem resolution, fees/charges, product range, interest rates, self-service functionality and overall satisfaction.

ENDS

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