Latest news with #JonDuffy
Scoop
14-05-2025
- Business
- Scoop
Smaller Banks Pack A Punch: Consumer's Best And Worst Banks In 2025
Press Release – Consumer NZ The Co-operative Bank has taken out the top spot in Consumers latest banking satisfaction survey, earning a customer satisfaction score of 77%. At the other end of the scale, ANZ the countrys largest bank scored just 57%. The average satisfaction … The Co-operative Bank has topped the rankings for customer satisfaction, while ANZ finished at the bottom, according to Consumer NZ's latest independent survey of New Zealand banking customers. The Co-operative Bank has taken out the top spot in Consumer's latest banking satisfaction survey, earning a customer satisfaction score of 77%. At the other end of the scale, ANZ – the country's largest bank – scored just 57%. The average satisfaction score across all banks was 64%. 'This is the fourth year in a row that The Co-operative Bank has won our People's Choice award,' says Jon Duffy, CEO of Consumer NZ. 'It's an impressive result, especially considering its market share – less than 1%. 'Bigger is not necessarily better. ANZ is New Zealand's most profitable bank, with the biggest market share, but when it comes to customer satisfaction, it finished bottom of our survey. Consumer's annual independent survey measures customer satisfaction across 17 areas, including trust, value for money, digital banking, and customer service. Don't bank on the big banks Duffy notes this year's survey results come amid persistent concerns about the state of competition in New Zealand's banking sector and the ever-present threat of scams. Our survey also found that more than 1 in 5 New Zealanders have fallen victim to a scam that has involved their bank account or a financial service. While some progress has been made by banks to address scams – following pressure from central government and advocates for banks to increase efforts to protect customers – New Zealand still lags behind other countries when it comes to banking technology. 'The pace of innovation in the sector has been glacial. Technologies like comprehensive open banking and real-time payments that could save consumers money and keep us safe are still on the 'to do' list for banks,' says Duffy. 'Our research also shows fewer than 3% of New Zealanders switch banks each year – one of the lowest switching rates of any service sector we monitor. 'Low switching rates and low satisfaction scores – particularly among banks with the biggest customer bases – is never a good sign for consumers. Banks are yet to deliver improvements to their switching services, as recommended by the Commerce Commission's market study to improve competition in the sector. 'This is why we publish our annual satisfaction surveys. We strongly encourage people to do their homework and switch to a bank with higher customer satisfaction. It's easier than you might think and a powerful way to foster competition so that we can collectively raise the bar,' says Duffy. Key findings from Consumer's 2025 banking satisfaction survey The Co-operative Bank achieved the highest overall satisfaction score (77%) delivering consistent, above-average experiences across the board, particularly around digital banking, savings interest rates, and advice ANZ scored the lowest customer satisfaction rating (57%), with particularly low scores for interest on savings, fees, responsible lending, advice and overall value for money Consumer says the 20-point gap between the survey's top and bottom performers highlights just how much customer experience can differ between banks. The full survey results (paywalled) and methodology are available on Consumer's website: Best and worst banks in 2025. Note: Our data is from a nationally representative survey of 1,920 New Zealanders, aged 18 years and older, conducted online in February 2025 Ratings cover satisfaction across 17 key service areas. Satisfaction ratings show the proportion of respondents who scored their provider 8, 9 or 10 on a scale from 0 (very dissatisfied) to 10 (very satisfied). Market share is based on the latest figures from the Banking Ombudsman Scheme Dashboard. Annual profit before tax figures are from each bank's latest financial disclosures.
Scoop
13-05-2025
- Business
- Scoop
Smaller Banks Pack A Punch: Consumer's Best And Worst Banks In 2025
The Co-operative Bank has topped the rankings for customer satisfaction, while ANZ finished at the bottom, according to Consumer NZ's latest independent survey of New Zealand banking customers. The Co-operative Bank has taken out the top spot in Consumer's latest banking satisfaction survey, earning a customer satisfaction score of 77%. At the other end of the scale, ANZ – the country's largest bank – scored just 57%. The average satisfaction score across all banks was 64%. 'This is the fourth year in a row that The Co-operative Bank has won our People's Choice award,' says Jon Duffy, CEO of Consumer NZ. 'It's an impressive result, especially considering its market share – less than 1%. 'Bigger is not necessarily better. ANZ is New Zealand's most profitable bank, with the biggest market share, but when it comes to customer satisfaction, it finished bottom of our survey. Consumer's annual independent survey measures customer satisfaction across 17 areas, including trust, value for money, digital banking, and customer service. Don't bank on the big banks Duffy notes this year's survey results come amid persistent concerns about the state of competition in New Zealand's banking sector and the ever-present threat of scams. Our survey also found that more than 1 in 5 New Zealanders have fallen victim to a scam that has involved their bank account or a financial service. While some progress has been made by banks to address scams – following pressure from central government and advocates for banks to increase efforts to protect customers – New Zealand still lags behind other countries when it comes to banking technology. 'The pace of innovation in the sector has been glacial. Technologies like comprehensive open banking and real-time payments that could save consumers money and keep us safe are still on the 'to do' list for banks,' says Duffy. 'Our research also shows fewer than 3% of New Zealanders switch banks each year – one of the lowest switching rates of any service sector we monitor. 'Low switching rates and low satisfaction scores – particularly among banks with the biggest customer bases - is never a good sign for consumers. Banks are yet to deliver improvements to their switching services, as recommended by the Commerce Commission's market study to improve competition in the sector. "This is why we publish our annual satisfaction surveys. We strongly encourage people to do their homework and switch to a bank with higher customer satisfaction. It's easier than you might think and a powerful way to foster competition so that we can collectively raise the bar,' says Duffy. Key findings from Consumer's 2025 banking satisfaction survey The Co-operative Bank achieved the highest overall satisfaction score (77%) delivering consistent, above-average experiences across the board, particularly around digital banking, savings interest rates, and advice ANZ scored the lowest customer satisfaction rating (57%), with particularly low scores for interest on savings, fees, responsible lending, advice and overall value for money Consumer says the 20-point gap between the survey's top and bottom performers highlights just how much customer experience can differ between banks. The full survey results (paywalled) and methodology are available on Consumer's website: Best and worst banks in 2025. Note: Our data is from a nationally representative survey of 1,920 New Zealanders, aged 18 years and older, conducted online in February 2025 Ratings cover satisfaction across 17 key service areas. Satisfaction ratings show the proportion of respondents who scored their provider 8, 9 or 10 on a scale from 0 (very dissatisfied) to 10 (very satisfied). Market share is based on the latest figures from the Banking Ombudsman Scheme Dashboard. Annual profit before tax figures are from each bank's latest financial disclosures.
NZ Herald
13-05-2025
- Business
- NZ Herald
Country's biggest bank at bottom of customer rankings
Chief executive Jon Duffy said it was the fourth year in a row that The Co-Operative Bank had been ranked top. It performed particularly well for digital banking, savings interest rates and advice. 'It's an impressive result, especially considering its market share – less than 1%. 'Bigger is not necessarily better. ANZ is New Zealand's most profitable bank, with the biggest market share, but when it comes to customer satisfaction, it finished bottom of our survey.' ANZ performed poorly for interest on savings, fees, responsible lending, advice and overall value for money. Duffy said it probably came down to a question of how hard banks had to compete. He said ANZ did not have pressure to do better. 'They're sitting on the largest market share, we know … people aren't switching and even when they do switch, what we saw come out of the Commerce Commission market study was they don't tend to switch away, they add a bit of functionality at another banks – so they might add a mortgage at Kiwibank but their savings stay at ANZ. It's not switching like you see in electricity sector.' ANZ has been approached for comment. He said 'doing better' would mean using resources that would reduce profits. 'We do see that across the big four – high profits, pretty poor customer service.' He said small banks had to be scrappy. 'The little guys who are fighting for your custom are incentivised to offer better service to lure you across. They have to work harder. The big guys are sitting on these incumbent customer bases and they can just cruise.' Duffy said he would hope that banks would look at the results and think about what they could do better. '[ANZ] has got such a large market share, if they were doing better, the banking sector as a whole would be doing better.' The survey also showed that one in five New Zealanders had been a victim of a scam involving their bank account or a financial service. Duffy said while progress had been made to address scams, New Zealand was still lagging other countries. 'Banks have rolled out confirmation of payee and a reimbursement code is on the way, which is a step forward. 'It's not perfect but I acknowledge the efforts being made there but we are a long way behind.' He said New Zealand was also lagging when it came to open banking, 'That's probably because of the structure of the market, the big four don't have to be offering innovative services to turn the very large profits they do. They can get away with not innovating and still make a profit.' ANZ recently posted a profit for the six months to the end of March of $1.27 billion. Greg Smith, head of retail funds at Devon, said it was a strong result but was driven by gains in economic hedges. 'It is worth noting that impairment experience was low in both Australia and NZ despite economic challenges – people have been getting by in this downturn so there haven't been the credit write-offs perhaps associated with other downturns. Net interest margins have meanwhile contracted in Australia but expanded in New Zealand.'
RNZ News
13-05-2025
- Business
- RNZ News
Biggest bank bottom of customer rankings
ANZ performed poorly in Consumer's rankings for interest on savings, fees, responsible lending, advice and overall value for money. Photo: RNZ / Dom Thomas It might be the country's biggest bank, but ANZ has scored at the bottom of Consumer NZ's latest bank satisfaction ratings. The advocacy group surveyed 1920 banking customers about 17 service areas. The Co-Operative Bank was the top performer in the survey, with a score of 77 percent. ANZ was at the bottom, with 57 percent. The average across all banks was 64 percent. Chief executive Jon Duffy said it was the fourth year in a row that The Co-Operative Bank had been ranked top. It performed particularly well for digital banking, savings interest rates and advice. "It's an impressive result, especially considering its market share - less than 1 percent. "Bigger is not necessarily better. ANZ is New Zealand's most profitable bank, with the biggest market share, but when it comes to customer satisfaction, it finished bottom of our survey." ANZ performed poorly for interest on savings, fees, responsible lending, advice and overall value for money. Duffy said it probably came down to a question of how hard banks had to compete. He said ANZ did not have pressure to do better. "They're sitting on the largest market share, we know … people aren't switching and even when they do switch, what we saw come out of the Commerce Commission market study was they don't tend to switch away, they add a bit of functionality at another banks - so they might add a mortgage at Kiwibank but their savings stay at ANZ. It's not switching like you see in electricity sector." ANZ has been approached for comment. He said "doing better" would mean using resources that would reduce profits. "We do see that across the big four - high profits, pretty poor customer service." He said small banks had to be scrappy. "The little guys who are fighting for your custom are incentivised to offer better service to lure you across. They have to work harder. The big guys are sitting on these incumbent customer bases and they can just cruise." Duffy said he would hope that banks would look at the results and think about they could do better. "[ANZ] has got such a large market share, if they were doing better, the banking sector as a whole would be doing better." The survey also showed that one in five New Zealanders had been victim of a scam involving their bank account or a financial service. Duffy said while progress had been made to address scams, New Zealand was still lagging other countries. "Banks have rolled out confirmation of payee and a reimbursement code is on the way, which is a step forward. "It's not perfect but I acknowledge the efforts being made there but we are a long way behind." He said New Zealand was also lagging when it came to open banking, "That's probably because of the structure of the market, the big four don't have to be offering innovative services to turn the very large profits they do. They can get away with not innovating and still make a profit." ANZ recently posted a profit for the six months to the end of March of $1.27 billion. Greg Smith, head of retail funds at Devon, said it was a strong result but was driven by gains in economic hedges. "It is worth noting that impairment experience was low in both Australia and NZ despite economic challenges - people have been getting by in this downturn so there haven't been the credit write-offs perhaps associated with other downturns. Net interest margins have meanwhile contracted in Australia but expanded in New Zealand." Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
06-05-2025
- Business
- Scoop
Leading By A Strong Margin: Generate Wins Its Fourth Consecutive Consumer NZ People's Choice Award For KiwiSaver
Press Release – Generate The Consumer NZs Peoples Choice award recognises products and services whose customers are highly satisfied. This is the fourth consecutive year Generate has been honoured with an award from Consumer NZ in the KiwSaver category. We're thrilled to share that Generate has won the prestigious Consumer NZ People's Choice Award for KiwiSaver, coming in significantly ahead of the competition. 'Generate Investment Management was the top-ranked KiwiSaver provider in our 2025 survey, with 80 percent of its customers reporting high levels of overall satisfaction,' said Consumer chief executive Jon Duffy. The Consumer NZ's People's Choice award recognises products and services whose customers are highly satisfied. This is the fourth consecutive year Generate has been honoured with an award from Consumer NZ in the KiwSaver category. Our members gave Generate high praise for outstanding customer service, clear communication, ease of access on its digital platform and impressive long-term investment performance. 'Winning the Consumer NZ People's Choice Award is a testament to our focus on excellent service and friendly, helpful advice, as well as strong long-term returns,' said Kristian James, Generate Head of Distribution. 'It's especially important through times of market volatility that we look after our members and make a real difference to them – offering reassurance, clarity, and a genuine human connection.' Based on its independent nationwide customer satisfaction surveys, the Consumer NZ People's Choice Awards are highly regarded in the industry and serve as a valuable resource for consumers seeking trustworthy and reliable brands. In addition to this prestigious award, Generate is also pleased to have once again achieved strong long-term performance for our members in the year ending 31 March 2025, with our three original KiwiSaver funds all placing in the top three of their respective categories for 10-year performance: The Generate KiwiSaver Moderate Fund ranked 1st for 10-year returns in the NZ multisector moderate category* The Generate KiwiSaver Growth Fund ranked 3rd for 10-year returns in the NZ multisector growth category* The Generate KiwiSaver Focused Growth Fund ranked 3rd for 10-year returns in the NZ multisector aggressive category* While markets are currently volatile, it's significant to note that all three of these funds have remained steadfastly in the top three in their category for 10-year performance, for every quarter since they first became eligible in June 2023.
