New Zealand Retail Banking Competitor Benchmarking - Financial Performance, Customer Relationships and Satisfaction

Abstract

This report looks at market performance, retention risk, and market shares across key products within New Zealand's retail banking space. It also ranks the market's leading banks across a range of criteria, from digital adoption and user experience to rewards and money management tools.

New Zealand's current account market share is extremely concentrated, with the top five players making up 94% of the market. This is due to its stringent entry requirements and customer loyalty within the country. Additionally, post-COVID-19, high inflation spurred the Reserve Bank of New Zealand to increase interest rates, which dampened the property market. According to Statistics New Zealand, the country lost more than NZD6 billion ($3.6 billion) in property wealth in 2022.

Scope

• The top four banks in New Zealand-ANZ, ASB, BNZ, and Westpac-continue to dominate the market.
• Customer tenure remains high across all providers in New Zealand. Long historical ties within the market have helped the top four providers maintain long customer relationships.
• Net Promoter Scores (NPS) are relatively low across all providers, with the top four banks faring worst. Scores such as these indicates that the top four cannot continue to rely on their historical ties and conveniency when it comes to NPS.
• The greatest drivers for NPS in New Zealand are loyalty rewards, access to a branch/call center, product customizability, and competitive prices.

Reasons to Buy

• Identify factors affecting growth prospects across the deposit, credit card, personal loan, and mortgage markets.
• Track competitor gains and losses in market share.
• Assess the financial performances of competitors.
• Unlock detailed analysis of the drivers of customer advocacy.