Retail Banking in New Zealand: Customer Satisfaction, Use and Perception Compared with the Rest of the World

Phillip Benedetti James Sattler Liz Zhu Ankur Patil Ben Fulton Paddy Taaffe

With three of five major banks in New Zealand recently reporting their 2022 earnings, now is an appropriate time to examine customers’ satisfaction with their retail banks and glean critical insights into how New Zealand banks can continue to adapt to changing New Zealander needs and better serve their customers.

To understand the current state of the New Zealand retail banking sector, BCG completed a survey of 1,200 New Zealanders as part of BCG’s annual global retail banking survey. To help contextualise New Zealand’s results, we compare them with five markets we believe are most analogous to New Zealand: Australia, Canada, The Netherlands, Poland and the United Kingdom.