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Last Article Uploaded: Tuesday, December 10th, 1:50PM
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Customers sceptical about bank advice

Only 27% of New Zealanders view their bank as a place to get good financial advice, according to new survey from price comparison site Canstar.

Saturday, June 8th 2019, 6:00AM

David Cunningham

According to Canstar's Banking Satisfaction Survey, less than one in four people see their bank as a place to get good financial advice on different products.

The survey findings indicate a potential opportunity for mortgage advisers to grow their customer base, as borrowers remain sceptical about their bank relationships.

The Canstar survey comes as mistrust of the banking sector grows in the wake of the Australian Royal Commission, and subsequent investigations into conduct and culture in the New Zealand financial services sector.

Canstar's survey of 2,500 people compared loan products on customer service, digital banking, problem resolution, fees, products, interest rates, and functionality.

The Co-Operative Bank received the highest customer score. The lender was the only bank to register a top score on customer service, digital banking, and problem resolution. TSB and Kiwibank came in second and third place.

David Cunningham, The Co-Op Bank chief executive, welcomed the survey findings.

"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," Cunningham added."

Canstar's survey found New Zealanders have a weak oversight of their finances -- about 60% said they did not stick to a budget each month. The survey also found just 68% of bank customers did not have a savings plan in place.

Tags: Canstar Kiwibank The Co-operative Bank TSB

« Banks refuse to release submissions on RBNZ proposalsTSB sees mortgage growth »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 ▲4.05 4.49
ANZ Special - 3.55 ▲3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank ▼5.20 ▲4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▲3.45 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.39 3.45 3.89
Sovereign 5.30 ▼3.89 ▼4.05 ▼4.39
Sovereign Special - ▼3.39 ▼3.55 ▼3.89
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 3.99 4.07 4.39

Last updated: 9 December 2019 9:02am

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