New Zealand Retail Banking, 2020 Update – Review, Forecasts and Future Opportunities

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Growth in New Zealand’s retail banking sector has been strong over the past decade. COVID-19 threatens to impact growth in 2020, but clear and coherent government policy as well as organized track and trace systems are likely to lead to more favorable outcomes than in comparable markets.

This report explores trends in the New Zealand retail banking sector and offers insight into consumer preferences and behaviors. It highlights some of the most important data points available on the performance of the sector comparable to other markets, as well as the performance and perception of firms within the industry. New trends and innovations are also noted, as are the implications of COVID-19 for the sector.

Until 2020, economic growth in New Zealand had been relatively strong following the completion of the phasing-in process of the New Zealand-China free trade deal at the end of 2019. In 2020, New Zealand closed its borders to better contain the threat of COVID-19 – a move that has the downside of reduced economic activity and unavoidable recessionary effects. Household and business confidence remain low as unemployment increases. Forecasts for investment and spending will be weaker, with policy providing an important but only partial offset to the impact of the pandemic.

New Zealand has seen strong growth across mortgage loans, retail deposits, and consumer credit, outperforming comparable markets in residential mortgages and personal loans.

Scope

– Market share concentration of credit cards among the five largest banks in New Zealand fell 13 percentage points (pp) over 2010-19 as the likes of ANZ, BNZ, and Westpac all saw their market shares fall, with BNZ losing 10pp. This suggests medium-sized banks and the emergence of buy now pay later providers have slowed the growth of the most dominant firms.

– Westpac and The Co-operative Bank have both made digital access and infrastructure a key part of their strategic goals, with Westpac investing more than $800m in innovation and transformation. Consequently, they tend to rank lowest with regards to user dissatisfaction on mobile and online channels and have high user engagement.

– Unlike the US, the UK, and Australia – where pronounced decreases in the importance placed on established reputations and physical locations have been witnessed – New Zealanders’ opinions are far more nuanced, whereby the importance of such attributes has fallen but to a much lesser degree. This is likely to make it more difficult for digital-only banks, as their comparative advantage is less valued by consumers.

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 consumer perceptions of competitors’ performances.

– Measure channel preferences over the last four years.

– Highlight mobile satisfaction by competitor.

– Pinpoint the areas of mobile user experience that are most valued by customers in New Zealand.

– Measure the change in attitudes toward digital-only banks.

– Receive insights into target demographics for non-bank providers across different products.

– Discover the importance placed on the various attributes of financial service providers analyzed by age/income.

Co-operative Bank
ASB
KiwiBank
ANZ
Westpac
BNZ
SBS Bank
TSB Bank

Table of Contents

Table of Contents

Executive Summary

Growth Prospects

Macroeconomic Outlook

Survey Insights

Competitor Update

Appendix

Frequently asked questions

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