This report benchmarks the leading incumbent banks in New Zealand, comparing their financial performances, market shares, and customer satisfaction data, among other key performance indicators.
The swift and total lockdowns experienced across parts of Asia Pacific have somewhat shielded financial institutions from the worst effects of COVID-19. All banks in New Zealand registered an increase in total divisional assets (TDA) between 2019 and 2020. As low interest rates are likely to persist, incumbents should focus on increasing the proportion of non-interest income. Only ASB and Kiwibank were able to increase their non-interest incomes in 2020.
Scope
- The use of branch services post-lockdown in New Zealand has been relatively high for banks such as ANZ, BNZ, Westpac, and Co-operative Bank, a sign that customers remain in favor of branch services despite using digital channels more frequently in 2021. The use of telephone channels has fallen from 2020.
- All banks in New Zealand saw significant increases in digital channel engagement, but only ASB and TSB Bank were able to reduce branch visitation in 2021.
- Westpac has the lowest average customer satisfaction rate of 70%. It performs best in attributes related to digital products but scores lower with regards to in-person banking and branch and telephone channels, which are key attributes for customers in New Zealand.
Reasons to Buy
- Gain an understanding of which banks in New Zealand are performing best and will continue to do so.
- Discover which banks are under threat and perceived as being behind the curve by customers.
- Understand the New Zealand retail banking landscape and how it may develop based on the key performance indicators included.