You can bank on customer satisfaction at PSIS*

While winning our inaugural five star award for customer satisfaction for banking is a huge achievement, scoring five stars in every category is something else entirely.

New Zealand’s PSIS* has done it though. The New Zealand-owned banking cooperative received five stars for branch service, call centre service, internet banking, products and pricing, problem solving, ATMs, and friendliness.

Some customers told Canstar that PSIS* was ‘the absolute best’, and offer ‘excellent service’.

Banking customers are also trying to be smarter with how their money is handled.

Our survey revealed a large number of New Zealanders are savvy to their exact home loan repayments and rates. In fact, nearly one third of surveyed customers knew their home loan interest rate off the top of their heads. Generation X and Baby Boomer home owners are particularly scrupulous, with nearly 40% of those surveyed being well aware of how much interest they’re paying.

Customers are also willing to haggle for a better deal with their bank. Just over one fifth of surveyed customers would threaten to switch providers just so they could get a better deal. Also, one in five want to switch providers but haven’t bothered to due to time restraints.

Behind PSIS* were TSB and Kiwi Bank with four stars each for overall customer satisfaction. For Kiwi Bank to score four stars is a remarkable feat given the bank was founded not even ten years ago.

Canstar Blue commissions Colmar Brunton Australia to survey 2,500 New Zealand consumers across a range of categories every few months to measure and track customer satisfaction. The outcomes reported are the results from customers of banking services within the survey group. To qualify, the customer has to have a bank account in their name.

Results are comparative and it should be noted that brands that received three stars have still achieved a satisfaction measure of at least six out of 10.

Overall Satisfaction

Customers should look no further than PSIS* – the five star recipient for overall satisfaction. TSB and Kiwi Bank received four stars, and ASB, BNZ, National Bank of New Zealand, Westpac, and ANZ each received three stars.

Branch Service

When it comes to five star branch service, PSIS* earned a five star rating by having the most satisfied customers. TSB and Kiwi Bank are close behind PSIS* with four stars each. ASB, BNZ, National Bank of New Zealand, Westpac, and ANZ all received three stars for service.

Call Centre Service

It was a tie for call centre service, as both PSIS* and TSB received five stars. Kiwi Bank received four stars while ASB, BNZ, National Bank of New Zealand, Westpac, and ANZ all received three.

Internet Banking Service

Surveyed PSIS* customers are most satisfied with their five star internet banking service; and TSB, Kiwi Bank, ASB, BNZ, National Bank of New Zealand, and Westpac also showed they’re embracing the online medium as well. Each of these banks received four stars for internet banking. ANZ received three stars for their internet banking service.

Products and Pricing

PSIS* received five stars for products and pricing, while TSB and Kiwi Bank weren’t far behind with four stars. ASB, BNZ, National Bank of a New Zealand, Westpac, and ANZ each received three stars.

Problem Solving

PSIS* and TSB could not be separated, both receiving five stars for problem solving. Kiwi Bank customers were also satisfied with their bank’s problem solving initiative and received four stars. ASB, BNZ, National Bank of New Zealand, Westpac and ANZ all received three stars.

ATMs

The ATM can be the most common contact a customer has with their bank, and it’s important ATM services are up to scratch. PSIS* and TSB both received five stars for their ATM services, and ASB, BNZ, National Bank of New Zealand, Westpac and ANZ each received three.

Friendliness

A friendly face or voice on the telephone can make all the difference when it comes to what can often be complicated banking transactions. PSIS* and TSB continued their strong results, and received five stars for friendliness. Kiwi Bank, ASB and BNZ also showed they could put a smile on their dials and received four stars, while National Bank of New Zealand, Westpac and ANZ received three.