Consumer satisfaction with banks in New Zealand has increased significantly in the last one year despite turmoil in the neighbouring Australia where widespread misconduct was reported in the banking sector.

According to a new Roy Morgan report, consumer satisfaction in New Zealand increased from 78.2% in December 2017 to 79.1% in December last year.

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New Zealand bank satisfaction: Details

The report stated that eight out of the nine largest banks in the country improved on satisfaction levels.

TSB was the biggest improver showing a growth of 6.1% points. It is followed by SBS Bank (up 5% points), Rabobank (up 4.2% points) and The Co-operative Bank (up 3.9% points).

Additionally, TSB Bank led the overall customer satisfaction among the nine banks with 88.5%. It was followed by Kiwibank with 84.6%, The Co-operative bank (81.7%), BNZ (80.4%) and Rabobank (79.5%).

Only ANZ bank dropped in satisfaction ranking compared to last year giving up 1.9% points.

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The results are based on Roy Morgan’s Single Source (New Zealand) survey. It interviewed more than 6,000 banking and finance consumers per annum.

Roy Morgan industry communications director Norman Morris said: “Satisfaction with New Zealand banks is generally positive and improving, as evidenced by the fact that over the last year, eight of the nine largest banks showed increased satisfaction.

“The end result was to lift overall satisfaction by 0.9% points to 79.1%. However, not all banks are rating well, as evidenced by the wide disparity between the highest and lowest performers and the fact that three of the biggest banks (i.e. ASB, ANZ and Westpac) are performing below average.”

Last month, Roy Morgan also announced a marginal improvement of bank customer satisfaction in Australia.

The satisfaction level improved marginally from 78% in October 2018 to 78.1% in November 2018.