New Zealand Retail Banking Competitor Benchmarking - Analyzing Top Players Market Performance and Share, Retention Risk, Financial Performance, Customer Relationships, Customer Satisfaction and Actionable Steps

This 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.

Across the New Zealand market, all providers in the review period increased their total divisional assets (TDA), with ASB seeing the largest increase. Most banks under review stayed under the average market cost/income ratio, although there were notable increases for TSB and the Co-operative Bank. In terms of market power, ANZ and BNZ still hold a combined current account share of almost 50%. Within this market, ANZ retains its control of retail deposits and residential mortgages, while BNZ has enjoyed considerable gains in the personal loans space over the last decade.

Scope

• 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