New Zealand’s Co-operative Bank tops customer satisfaction survey

The bank ranked first in each of the 13 major satisfaction areas, including value for money, call centre service and dealing with complaints

The Co-operative Bank of New Zealand outperformed banks with the largest market share in a customer satisfaction survey carried out by Consumer NZ.

The annual ranking featured 13 institutions, considering factors like value for money, call centre service and dealing with complaints. Around 83% of Co-operative Bank customers surveyed said they were very satisfied with the service – the highest score achieved in the survey.

New Zealand’s only customer-owned bank, it was set up in 1928 and shared NZ$2.5m back to customers in dividends in 2021.

Consumer NZ investigative team leader Rebecca Styles said the overall customer satisfaction level at the Co-operative Bank was “impressive”. Banks with the largest market share and biggest profits were “failing to keep their customers as satisfied as the smaller banks”, she added.

“The Co-operative Bank performed exceptionally well – ranking first in each of the 13 major satisfaction areas.

“Its standout performance has seen the Co-operative Bank eligible for our People’s Choice status for the second year in a row.”

Co-operative Bank chief executive Mark Wilkshire said: “We are thrilled to see that our focus on putting customers first has been recognised through the best judge of this – our customers themselves.

“We put people before profit. With everything we do, our customers are at the centre, and I’m proud to see through this survey that our customers feel the same.

“We regularly survey our customers to understand what they like and dislike about the Co-operative Bank – and find our customer service is the core reason for recommending the Co-operative Bank to others.”