Bank customer satisfaction high – survey

A public opinion survey has found a high level satisfaction among bank customers, the New Zealand Bankers’ Association revealed today.

Eighty-two per cent of respondents were satisfied or very satisfied with their main bank, with only seven per cent dissatisfied or very dissatisfied.

“This is a pleasing result which shows that banks are continuing to put a big effort into customer service,” said New Zealand Bankers’ Association chief executive Kirk Hope.

“It also shows how competitive our banking sector is. By providing excellent service, banks work hard to attract and keep their customers.”

The survey also found that 63 per cent of respondents agreed that the strength of New Zealand banks meant that New Zealand got through the global financial crisis with less damage than other countries.

“Ongoing uncertainty in other countries, most recently in Cyprus, shows our banks in a good light. We have a strong, stable and well-regulated banking sector which supports our economic growth.”

The survey also posed a question about what level of bank profits was acceptable. Of those with an opinion, the median range cited as an acceptable return on equity was 15-19 per cent.

“This is higher than actual bank returns on equity since 2008, which averaged from 7.5 per cent to 16.3 per cent according to some analysis we had done last year. We found that banks fell in the middle of the pack compared to large NZX listed companies,” said Hope