New Zealand Retail Banking Competitor Benchmarking – Analyzing Top Players Market Performance and Share, Retention Risk, Financial Performance, Customer Relationships, Customer Satisfaction and Actionable Steps
All banks in the New Zealand market recorded an increase in their TDA between 2020 and 2021, with ASB showing the most significant growth over the year. TSB saw the biggest cost/income ratio increase, while ANZ and Westpac saw the biggest declines. The Co-op, TSB, and Kiwibank sit significantly above the average cost/income ratio.
The New Zealand retail banking competitor benchmarking report, which is part of a series of New Zealand content including country analysis and consumer profiles – analyzes financial performance, depth of customer relationships, and customer satisfaction. It ranks New Zealand’s top banks across a range of criteria, from digital experience to product clarity and money management tools
New Zealand Retail Banking - Customer Relationships
The key banks in customer relationships in New Zealand retail banking are Co-operative Bank, TSB Bank, Bank of New Zealand (BNZ), Kiwibank, ANZ, and others. Co-operative Bank, TSB, and BNZ have the highest NPSs in the market, with over half of current account holders at the Co-operative Bank and TSB Bank promoting their bank.
New Zealand Retail Banking Analysis by Customer Relationships (%)
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New Zealand Retail Banking - Customer Satisfaction
TSB and Kiwibank have the highest digital experience satisfaction scores in the market. Also, TSB and Kiwibank are the most successful in customer satisfaction across the market. Other top banks in customer satisfaction are Westpac, ASB, ANZ, and BNZ.
New Zealand Retail Banking Analysis by Customer Satisfaction (%)
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New Zealand Retail Banking - Actionable Steps
ANZ: As the bank with the largest market share and the highest TDA, ANZ should look to prioritize the development of its digital offering if it wants to maintain its market dominance.
ASB: ASB controls a significant portion of the Gen Z customer base, second only to ANZ, and therefore should focus on longer-term product and service strategies to ensure that younger customers are not switching out or opening secondary accounts elsewhere.
New Zealand Retail Banking Sector – Competitive Landscape
The key banks in New Zealand retail banking are ANZ, ASB, BNZ, Westpac, Kiwibank, and others. The four largest players in New Zealand make up more than 70% of the market share, with ANZ and ASB leading the market. Kiwibank has a high proportion of Generation X and boomer customers. This is not the case with millennials, however. The difference between the bank’s millennial and Generation X market shares is 7pp.
New Zealand Retail Banking Analysis by Competitors (%)
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Market Report Overview
|Leading Banks (Customer Relationships)||Co-operative Bank, TSB Bank, Bank of New Zealand (BNZ), Kiwibank, ANZ, and Others|
|Leading Bank (Customer Relationships)||Co-operative Bank|
|Leading Banks (Customer Satisfaction)||TSB and Kiwibank|
|Leading Bank (in Market Share)||ANZ|
- ANZ, the top New Zealand bank, holds almost a third of the current account market.
- Loyalty reward programs and help with digital banking are the most important attributes determining Net Promoter Scores (NPS), despite low customer net satisfaction in both these areas.
- New Zealand banks have fared well coming out of the COVID-19 pandemic, with all of them increasing their TDA levels and all but two banks reducing their cost/income ratios in 2021.
Reasons to Buy
- Identify the 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.
- Receive detailed analysis of the drivers of customer advocacy.
Table of Contents
- 1. Executive Summary
- 2. Financial Performance
- 2.1. Financial ratios
- 2.2. Market shares
- 3. Customer Relationships
- 3.1. NPS
- 3.2. Customer tenure
- 3.3. Depth of relationship
- 3.4. Cross-selling
- 4. Customer Satisfaction
- 4.1. Satisfaction drivers of NPS
- 4.2. Overall satisfaction
- 4.3. Digital satisfaction
- 5. Actionable Steps
- 6. Appendix
- 7. Methodology
- 8. Sample sizes
- 9. Further reading
Frequently Asked Questions
The key banks in customer relationships in New Zealand retail banking are Co-operative Bank, TSB Bank, Bank of New Zealand (BNZ), Kiwibank, ANZ, and others.
Co-operative Bank has the highest NPSs in the New Zealand retail banking market.
TSB and Kiwibank lead in customer satisfaction in the New Zealand retail banking sector.
DBS is the leading bank in all four key banking products in the New Zealand retail banking market.
ANZ has the largest share in the New Zealand retail banking market.
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