Bank satisfaction falls in NZ

New Zealanders are becoming slightly less satisfied with their banks, with customers of minnow TSB and state-owned Kiwibank likely to be the happiest, a survey by research company Roy Morgan shows.

After seven consecutive months of increasing customer satisfaction, 77.7 per cent of respondents said they were very or fairly satisfied with their bank in April an 0.3 per cent drop from March.

While the survey did not go into the reasons why people were satisfied or dissatisfied, Roy Morgan spokesman Norman Morris said growing public opposition to the banks could be a reason for the slowing down in satisfaction levels.

"There has been considerable background noise in recent months suggesting New Zealand banks lower their rates further to allow more consumer dollars to flow back into the property market," he said.

In the past three years TSB has consistently had the most satisfied customers. The small Taranaki-based bank maintained its leadership position in March, with 87.6 per cent of its customers saying they were satisfied.

Collectively 77.7 per cent of customers at the big five banks were satisfied ahead of 71.4 per cent of customers at the big four banks in Australia.

In the last year, Westpac has been the prime mover, with satisfaction levels rising 4.4 per cent followed by ASB, up 3.4 per cent and BNZ up 2.8 per cent.

Westpac also made the biggest satisfaction gains with high value customers the wealthiest 20 per cent of customers who equate to 65 per cent of the total market value during the year.

BANKING ON IT

Customer satisfaction rates: TSB 87.6 pc Kiwibank 84.1pc ASB 80.8pc National 79.1pc Westpac 77.6pc BNZ 77.4pc ANZ 72.4pc

- © Fairfax NZ News