The number of New Zealand bank customers switching accounts nearly doubled in 2012 due to increased advertising by banks in response to ANZ’s dissolution of the National Bank brand, according to research by Australian-based research company Roy Morgan.
The research showed that one in ten New Zealand bank customers switched accounts in 2012, nearly double the 5.9% low in April 2012.
This increase equates to over 100,000 more people switching in 2012 than did in 2011.
According to the research, around 60% of customers from National Bank switched to ANZ.
Kiwibank and Westpac each had around 6% of switching National Bank customers, with ASB 9% and BNZ 4%.
Pip Elliott, general manager, Roy Morgan Research, said banks had been battling to poach customers from each other by promoting the ease and potential benefits of switching.
He added: "2012 saw a dramatic increase in switching activity, due in large part to ramped up campaigning from all major banks following ANZ’s dissolution of the National Bank brand.
"However, many customers will only switch their bank when it comes to moments of truth, such as the renewal of their mortgage or taking out a new loan."