tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, May 21st, 4:21PM

Mortgages

rss
Latest Headlines

People increasingly unhappy with banks

The latest survey of banks by Consumer NZ shows 73% of New Zealanders think they charge too much.

Thursday, April 14th 2022, 6:00AM 1 Comment

by Eric Frykberg

In addition, 52% believe they cannot be trusted.

Consumer NZ chief executive Jon Duffy says trust appears to be eroding in the banking sector in comparison with last year,

“Rising cost of living challenges, lower savings rates and other pressures may be contributing factors,” Duffy said.

“While the cost of living soars, banks are reporting major profits – which is not going unnoticed by customers.”

Duffy added 72% of respondents thought banks needed to be monitored more closely.

The survey revealed some outliers in terms of customer satisfaction.

The Co-operative bank, formed from the old PSIS, was the best rated bank, scoring an overall customer satisfaction score of 86%. This bank has 170,000 customers but is a minnow compared with the industry leaders.
Second in the rankings was TSB, which scored 78% customer approval.

Duffy said Westpac stood out for the lowest satisfaction rating this year, at 54%, though it was above average for branch service.

The biggest bank, ANZ, scored 56%.

BNZ, Kiwibank and ASB all scored between 64% and 60%, with no figures above average for any of the key performance measures.

However, Kiwibank rated below average for responsible lending and for its call centre service.

“Consumers are telling us that the bigger half of the banking industry is doing poorly on customer service,” Duffy said.

The Consumer NZ survey came after the Banking Ombudsman reported complaints about home loans and credit cards rose 24% and 19% in the December quarter compared with the previous three months.

Tags: banks

« RBNZ delivers a 50 point hike to the OCRWhy economists think yesterday's big OCR hike was right »

Special Offers

Comments from our readers

On 14 April 2022 at 11:37 am Andy the adviser said:
"Westpac stood out for the lowest satisfaction rating this year, at 54%"

How did they even manage that? Did they have to bribe the customers?

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
ANZ Blueprint to Build 2.78 - - -
ANZ Special - 4.55 5.25 5.55
ASB Bank 5.35 4.49 5.25 5.55
Avanti Finance 5.45 - - -
Basecorp Finance 6.45 - - -
Bluestone 5.29 7.49 7.59 -
BNZ - Classic - 4.55 5.25 5.45
BNZ - Mortgage One 5.55 - - -
BNZ - Rapid Repay 5.55 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.55 5.35 5.94 5.99
BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.70 5.20 -
Heartland Bank - Online 4.00 3.85 4.70 4.84
Heretaunga Building Society 5.95 4.80 5.50 -
HSBC Premier 5.49 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 4.29 5.09 5.35
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 5.00 5.55 6.19 6.39
Kiwibank - Offset 5.00 - - -
Kiwibank Special 5.00 4.55 5.19 5.39
Liberty 4.84 - - -
Nelson Building Society 5.95 4.95 5.85 -
Pepper Essential 3.44 - - -
Resimac 4.59 5.60 6.16 6.29
Lender Flt 1yr 2yr 3yr
SBS Bank 5.29 4.69 5.35 5.49
SBS Bank Special - 4.19 4.85 4.99
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - ▲4.19 - -
The Co-operative Bank - Owner Occ 5.45 ▲4.29 5.19 5.45
The Co-operative Bank - Standard 5.45 ▲4.79 5.69 5.95
TSB Bank 5.59 5.14 ▼5.79 6.15
TSB Special 4.79 4.34 ▼4.99 5.35
Unity 5.65 4.80 5.50 -
Wairarapa Building Society 5.24 4.55 5.20 -
Westpac 5.54 5.09 5.79 6.09
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.54 - - -
Westpac Special - 4.49 5.19 5.49
Median 5.45 4.55 5.25 5.52

Last updated: 19 May 2022 10:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com