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1、Retail Banking in New Zealand:Customer Satisfaction,Use and Perception Compared With the Rest of the World November 2022Phillip Benedetti,James Sattler,Liz Zhu,Ankur Patil,Ben Fulton,Paddy TaaffeBoston Consulting Group partners with leaders in business and society to tackle their most important chal
2、lenges and capture their greatest opportunities.BCG was the pioneer in business strategy when it was founded in 1963.Today,we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersempowering organizations to grow,build sustainable competitive advantage,
3、and drive positive societal impact.Our diverse,global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change.BCG delivers solutions through leading-edge management consulting,technology and design,and corporate and digital venture
4、s.We work in a uniquely collaborative model across the firm and throughout all levels of the client organization,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.Retail Banking in New Zealand:Customer Satisfaction,Use and Perception Compared With th
5、e Rest of the World With three of five major banks in New Zealand recently reporting their 2022 earnings,now is an appropriate time to examine New Zealander customers satisfaction with their retail banks.In particular,understanding how New Zealanders feel about and use their banks,as well as how ong
6、oing trends such as data security and sustainability have impacted them,are important inputs into how New Zealand banks can continue to adapt to changing New Zealander needs and ultimately better serve their customers.BOSTON CONSULTING GROUP31 Note,this survey was completed prior to the recent cyber
7、 hacks in Australia,which has only increased consumer awareness and sensitivity to this issueo understand the current state of the New Zealand retail banking sector,BCG completed a survey of 1,200 New Zealanders as part of BCGs annual global retail banking survey,which in 2022,surveyed customers acr
8、oss 37 markets.And to help contextualise New Zealands results,we compare them with five markets we believe are most analogous to New Zealand:Australia,Canada,The Netherlands,Poland and the United Kingdom.In summary,we found:1.New Zealanders(and customers across analogous markets)are ambivalent to sl
9、ightly dissatisfied with their banking relationships,as measured via customer net promoter scores(NPS).The one exception is Poland,where customers are generally positive towards their banks Part of this moderate dissatisfaction in New Zealand is driven by a disconnect between the way New Zealanders
10、want their bank to feel(like a good friend or school)versus they way they actually feel(like a supermarket or GP/dentist).It may also reflect the current state of the economy,where the top two reasons New Zealanders wouldnt recommend their current bank are interest rates and fees2.When comparing cha
11、nnel and product use to the rest of the world,New Zealanders are highly digitally engaged with extremely limited use of branch networks.New Zealanders also hold fewer banking relationships than analogous markets,despite having on average the same number of products3.When comparing data privacy to th
12、e rest of the world,New Zealanders are the most hesitant of banks using data beyond simply operating their accounts4.When comparing ESG-related banking to the rest of the world,New Zealanders generally have a low awareness of sustainable and responsible banking,though 30%of customers are likely to p
13、ay more for such products in the future Together,these insights suggest New Zealand banks have an opportunity to break away from the pack(Australia,Canada,The Netherlands and the United Kingdom)and lead on the global retail banking stage with regards to customer satisfaction(as Poland does today).An
14、d while there are multiple actions New Zealand banks can take to differentiate themselves,the survey results suggest continued investment in digital channels,data privacy/security1 and education(and provision)of sustainable and responsible banking products are pathways to success.TCustomers in Weste
15、rn markets are generally unsatisfied with their retail banks;New Zealand is no exception8-1-1-5-8-10PolandNetherlandsAustraliaUKNew ZealandCanada-3Average Net Promoter Score by country11.Average NPS scores is a simple average of NPS scores of banks with minimum of 30 customers in the sampleQuestion:
16、Have you recommended or criticized your bank over the last 12 months?Source:BCG Retail Banking Excellence(REBEX)Consumer survey 2022,study conducted July-Sept 2022BOSTON CONSULTING GROUP4Exhibit 1:Customer SatisfactionNew Zealanders(and customers across analogous markets)are ambivalent to slightly d
17、issatisfied with their banking relationships,as measured via customer net promoter scores(NPS).Specifically,in New Zealand,banking customers report on average an NPS of-5,which is in line with the average across the peer set.The one exception is Poland,where customers are generally positive towards
18、their banks,reporting an NPS of 8Part of this moderate dissatisfaction in New Zealand is driven by a disconnect between the way New Zealanders want their bank to feel versus they way they actually feel.Our survey revealed most customers think their bank feels like a vault a place where they can put
19、their money with confidence.And this is what most customers want.However,customers also reported their bank feels like a supermarket(I know what I need and I know I will be able to find it there)or GP/dentist(I don not enjoy it,but I know it is important),versus wanting their bank to feel like a goo
20、d friend or a school.This divergence suggests New Zealand banks have a role to play in providing honest advice and financial education in a way that isnt felt by many customers today.Interestingly,in no situation would New Zealander customers want their banks to be like a gym or Amazon suggesting te
21、rritories New Zealand banks should avoid when developing products and services for their customers.New Zealander customers moderate dissatisfaction may also reflect the current state of the economy.Even though New Zealanders are likely to recommend their current banks based on trust in keeping their
22、 money safe and a banks digital banking assets(both online and mobile),the top two reasons New Zealanders wouldnt recommend their current bank are interest rates and fees.Interestingly,branches are typically not a reason to recommend or not recommend a bank whether it be with regards to their layout
23、,opening hours or locations.New Zealand customers want their banks to feel more like a good friend who they can turn to for honest advice,or a school where they can get financial guidance38%18%13%9%7%6%5%4%A school:A place where I can get some financial education and guidanceMy GP or dentist:I do no
24、t enjoy it,but I know it is importantA Vault or Safe:A place I can put my money with confidenceA personal shopper or concierge:I know I need something,I just dont know where to startMy gym:An important part of my regular routineA supermarket:I know what I need and I know I will be able to find it th
25、ereA good friend:A place I can turn to for honest advice on my situationA:I know what I need but Im open to new relevant suggestions31%13%4%25%4%6%5%12%How a bank feels todayWhat customers want their bank to be likeQuestions:My bank today feels like?I would like my bank to be more like?Source:REBEX
26、Consumer survey 2022,study conducted July-Sept 2022,Sample size in New Zealand,N=1206Trust and digital banking are the key reasons for New Zealand customers to recommend their bank;interest rates and high fees trigger dissatisfaction-6%-8%-7%-7%-9%-13%-16%-10%-9%-13%-6%-7%-20%-5%-11%-9%-5%56%54%51%4
27、3%42%37%34%34%33%33%32%21%20%19%12%10%7%Interest ratesSpeed and ease of opening accountInternet banking platformFees and charges transparencyTrust in keeping money safeMobile banking appKnowledgeable and professional branch staffATMs locationsFeesKnowledgeable and professional Contact center staffBr
28、anch locationsEase to understand product offeringsTelephone banking serviceModern branches with good layoutsRewards programBranch opening hoursTailoring of offers to needsQuestion:What are the reasons you are likely to recommend your main bank?What are the reasons you are NOT very likely to recommen
29、d your main bank?Source:REBEX Consumer survey 2022,study conducted July-Sept 2022,Sample size in New Zealand,N=1206Reasons customers do not recommend the bankReasons customers recommend the bankExhibit 2:Exhibit 3:BOSTON CONSULTING GROUP5Channel and Product UsageWhen comparing channel and product us
30、e to the rest of the world,New Zealanders are highly digitally engaged.This is across both online and mobile channels,where more than half of customers in New Zealand reported they use these channels regularly(more than once per week).Such high digital penetration suggests New Zealand banks have a n
31、atural and at-scale channel to regularly interact with their customers a fact many other businesses would be envious of.In contrast,New Zealander customers express extremely limited use of branch networks.Only 3%of the surveyed population said they regularly used their banks branch.And while this do
32、esnt mean branches arent a critical part of a customers banking experience,it does mean the infrequent use of the channel means New Zealand banks must be much more considered with the few moments they have to engage customers in person.It also emphasises the need to increase the number of services a
33、vailable digitally given the high use of digital channels and low use of the branch network.A consistent shift observed towards online and mobile,with only 3%of customers in New Zealand using branches once or more a week1.Regularly defined as once or more than once a week.Question:How often did you
34、use channel in the last 12 months?Source:BCG Retail Banking Excellence(REBEX)Consumer survey 2022,study conducted July-Sept 202265%58%58%57%52%44%Poland 56%NetherlandsCanadaNew ZealandUKAustralia63%58%57%52%50%45%54%NetherlandsUKPolandAustraliaNew ZealandCanada%of customers who used online,mobile or
35、 branch banking regularly18%7%6%4%3%3%PolandCanadaUKAustralia 5%New ZealandNetherlandsOnlineMobileBranchExhibit 4:BOSTON CONSULTING GROUP6While New Zealand banking customers have the same number of products as other countries,they tend to be loyal to fewer banks than the international average3.43.22
36、.42.32.32.0 2.6UKAustraliaCanadaPolandNetherlandsNew Zealand1.Banking relationships include banks and providers customers use for deposit products,credit cards,mortgages,personal loans,investments,pensions and insurance2.Unique products held by customers with unique provider.E.g.,two current account
37、s from different providers would count as two productsQuestion:Which of the following types of products or accounts do you have?Source:BCG Retail Banking Excellence(REBEX)Consumer survey 2022,study conducted July-Sept 20226.05.55.25.05.04.9Poland 5.3CanadaUKNetherlandsNew ZealandAustraliaNumber of b
38、anking relationships by country1Number of products owned by customers by country2Exhibit 5:New Zealanders also hold fewer banking relationships than analogous markets:on average,customers hold only two banking relationships for all their banking needs.This is despite having on average the same numbe
39、r of products suggesting they still have the same financial needs;New Zealanders are just willing to source them from fewer providers.While there may be a number of drivers of this fact(including the smaller number of mid-tier banks in New Zealand versus other markets),it points to the importance of
40、 New Zealand banks disproportionately focusing on serving and retaining existing customers as opposed to trying to acquire new customers,since New Zealanders are less likely to want to give a third bank a go.Data Privacy When comparing data privacy and ESG-related banking to the rest of the world,Ne
41、w Zealanders are the most hesitant of banks using data beyond simply operating their accounts.Specifically,34%of survey respondents say they would not want their banks to use their data beyond what is required,and a further 26%assert they diligently read the terms and conditions before agreeing to d
42、ata use.This hesitancy to using customer data is the most conservative in all 37 markets surveyed,and points for banks seriously consider their data policies and procedures.And if attempting to use customer data beyond just managing their accounts,banks need to provide a very clear value proposition
43、 to customers as to how using that data beyond its basic use will create value for that individual.BOSTON CONSULTING GROUP7ESGNew Zealanders generally have a low awareness of sustainable and responsible banking,and this is constant across the banks in New Zealand.This suggests,despite a number of at
44、tempts by New Zealand banks to take a leadership position in this space recently,the message hasnt gotten through.And while New Zealand customers are the least likely in the peer set to pay more for green and sustainable products,there are still 30%of customers willing to pay more for such products
45、in the future representing a valuable profit pool for banks and an unmet customer need.New Zealand customers less aware of their banks responsible banking practices,and are less willing to pay more for green and sustainable productsNew ZealandCanadaPolandUKAustraliaNetherlands 27%31%30%29%28%26%18%4
46、6%44%41%36%35%30%CanadaPolandUKNetherlands 39%AustraliaNew Zealand%of respondents that feel informed about the sustainable and responsible banking practices of their bank(s)?%of customers who are willing to pay more for green and sustainable productsExhibit 7:Question 1:How informed do you feel abou
47、t the sustainability practices of banks?Question 2:Are you willing to pay more for green and sustainable products?(These are products which strengthen environmental causes,such as high fuel efficiency,clean energy and eco-friendly activities.For example:green cards,green car loans,green mortgages)?S
48、ource:BCG Retail Banking Excellence(REBEX)Consumer survey 2022,study conducted July-Sept 202234%32%30%25%23%13%26%22%30%23%27%36%7%11%8%11%11%13%26%25%20%28%27%29%7%10%12%13%12%9%NetherlandsNew ZealandUKAustraliaCanadaPolandNew Zealand customers are the least likely globally to want their bank to us
49、e data beyond what is required to operate a customers accountNot agree,because I do not want my bank to use my data beyond what is required to operate my accountsAgree and allow my bank to access the data,without much considerationAgree if provided with a short summary of what data is being used and
50、 what it is used forAssume that my bank already had permission to use the data,and I would be OK with thatDiligently read the detailed terms and conditions,before I agreeQuestion:How would you react on being offered a new service or feature from your bank which requires access to personal data?Sourc
51、e:BCG Retail Banking Excellence(REBEX)Consumer survey 2022,study conducted July-Sept 2022Customer willingness to share personal data with the bankExhibit 6:BOSTON CONSULTING GROUP8BOSTON CONSULTING GROUP9So What?Together,these insights suggest New Zealand banks have an opportunity to break away from
52、 the pack(Australia,Canada,The Netherlands and the United Kingdom)and lead on the global retail banking stage with regards to customer satisfaction(as Poland does today).And in doing so,New Zealand banks would prove their value not only to customers but also to their community.While there are multip
53、le actions New Zealand banks can take to differentiate themselves,the survey results suggest continued investment in four categories are pathways to success:Purpose:There is an opportunity for banks to move from simply a vault to store peoples money to one that is a“good friend”or“educator”to help t
54、hem get ahead in life.Doing so will require a level of personal understanding of the customer beyond what banks typically do today Digital channels:Given the high engagement of New Zealander customers on digital channels,and the importance of digital channels in New Zealanders recommending their ban
55、k to others,ensuring a best-in-class experience is critical to retaining customers as much as acquiring new customers.In addition,with such low branch usage,New Zealand banks need to find ways to find new customers via alternative channels(e.g.digital marketing)Data privacy/security:Being seen as re
56、sponsible and ethical users of data is critical to maintaining trust with customers the number one driver of New Zealand customer satisfaction.And unfortunately,it only takes one negative event to break this trust,which in the case of New Zealand banks,has been built over a century Education(and pro
57、vision)of sustainable and responsible banking products:Helping customers understand banking products that are also good for the environment and society is a huge opportunity for New Zealand banks.Not only because customers arent aware of these propositions,but because a third of customers are willin
58、g to pay more for such offers.As as climate becomes an even greater issue in the world(and New Zealand),having compelling offers for retail clients will quickly move from differentiation to table stakesAbout the AuthorsPhillip Benedetti is a Managing Director and Partner in the Auckland office of Bo
59、ston Consulting Group.You may contact him by email at .James Sattler is a Managing Director and Partner in the Melbourne office of Boston Consulting Group and is the Financial Institutions Practice Leader for Australia&New Zealand.You may contact him by email at .Paddy Taaffe is an Associate in the
60、Auckland office of Boston Consulting Group.You may contact him by email at .Ben Fulton is a Senior Associate in the Auckland office of Boston Consulting Group.You may contact him by email at .For Further Contact If you would like to discuss this report,please contact one of the authors.Liz Zhu is a
61、Project Leader in the Auckland office of Boston Consulting Group.You may contact her by email at .Ankur Patil is a Senior Manager in the Singapore office of Boston Consulting Group.You may contact him by email at For information or permission to reprint,please contact BCG at .To find the latest BCG content and register to receive e-alerts on this topic or others,please visit .Follow Boston Consulting Group on Facebook and Twitter.Boston Consulting Group 2021.All rights reserved.11/