New Zealand Retail Banking Analysis by Consumer Profiles (Boomer, Generation X, Generation Z and Younger Millennial)

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New Zealand Retail Banking Market Analysis Report Overview

A few personas have been created through a cluster analysis (Calinski-Harabasz criterion) of GlobalData’s 2022 Financial Services Consumer Survey to understand New Zealand survey respondents and their attitudes, preferences, and unmet needs. The personas have been created using three core attributes: age, marital status, and their preferred financial services (FS) provider type, i.e. traditional banks and credit unions or alternative providers such as digital challenger banks, Big Tech, fintech, digital wallets, and retailers.

GlobalData Personas

GlobalData Personas

To know more about the customer personas in the New Zealand retail banking market, download a free report sample

The New Zealand retail banking analysis looks at five different customer personas in the New Zealand market. It offers a deep dive into their financial goals, unmet needs, and banking preferences while providing actionable steps for financial providers to take to achieve high levels of retention and cross-sell effectively and accordingly.

Customer Personas Boomer, Younger Millennial, Generation-Z, and Generation X
Channel Preferences In-Branch, Telephone, Online, Mobile, Video Chat, Instant Message, and Chatbot

New Zealand Retail Banking - Customer Personas

The key customer personas in the New Zealand retail banking sector are Boomer, Younger Millennial, Generation-Z, and Generation X

Boomer: The boomer analysed in the report is approaching retirement and is focused on managing her finances to allow her to be secure and independent when she stops working. She is in a good financial position and could use her current finances to further improve her financial position. The Individual uses digital channels for her frequent banking needs but still likes to have staff interaction when it comes to more significant activities.

Younger Millennial: The Younger Millennial analysed in the report has recently started her eco-friendly coffee shop business after leaving a well-paid corporate job. She is looking to build her new business and make it her primary source of income. The individual is one of the more dissatisfied customers with her digital experience and has one of the lowest average scores for net satisfaction. She is particularly unhappy with the help that her bank provides in terms of digital banking and feels that she could be using their platform more efficiently given the relevant support.

Generation Z:  The individual is the youngest customer in the market and is very comfortable using digital platforms. He uses his mobile phone weekly to compare financial products as well as shop online and book reservations for restaurants and other services such as Uber. The person wants his bank to have a good track record and reputation. He prefers alternative providers due to their superior mobile and online functionality, as well as providing more competitive rates.

New Zealand Retail Banking – Channel Preferences for Banking Activities

The key channel preferences in the retail banking market in the New Zealand are in-branch, telephone, online, mobile, video chat, instant message, and chatbot. In terms of weekly channel usage most of the personas prefer mobile as their primary channel.

New Zealand Retail Banking Market Analysis, by Channel Preferences Generation ZNew Zealand Retail Banking Market Analysis, by Channel Preferences Generation Z

To know more about the channel preferences of generation Z in the New Zealand retail banking market, download a free report sample


• Across almost all consumer profiles, online and mobile banking are the two most commonly used channels.

• Several consumer profiles showed a strong preference for branch access for certain banking activities, such as applying for a mortgage and opening a new account.

• Young single consumers who prefer to use alternative providers are the least satisfied with their bank’s integration of digital and non-digital services.

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Table of Contents

Cluster methodology

Boomer – Mary: The wealthy saver

Younger Millennial – Pieta: The business owner

Generation Z Jack: The young tech user

Younger Millennial – Charlotte: The young saver

Generation X Kevin: The long term planner


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