Tuesday, April 24th, 2012 - Roy Morgan Research
Over the last five years to February 2012, Kiwibank has shown the greatest increase in its MFI customer numbers among the major six banks in New Zealand, largely as a result of being well ahead of the other five majors in customer satisfaction. These are the latest findings from the Roy Morgan Research New Zealand Single Source Survey.
In the twelve months to February 2012, Kiwibank had 9.4% MFI customer share, up from 5.5% in 2007. This gain has been at the expense of the National Bank and the ANZ who have both lost MFI customer share over this period.

In the six months since September 2011, the trend has changed, with Westpac, ASB and Bank of New Zealand gaining MFI customers, while Kiwibank remains steady.

Share of MFI Customers

Source: Roy Morgan Research Single Source, 12 month moving average, average sample Mar 06 – Feb 12, n = 10,200.

The data comes from Roy Morgan’s Single Source consumer survey, which includes information based on over 12,000 New Zealanders annually.

Pip Elliott, Client Services Director, Roy Morgan Research, says:
“As a young player in the New Zealand major banking market, Kiwibank has managed to gain considerable MFI customer share up until the last six months when it appeared to have stalled.

“On the other hand, the Bank of New Zealand, ASB Bank and Westpac Group have all managed to keep a fairly consistent share of MFI customers over the past five years, while ANZ Group and National Bank have both seen a decrease in their shares.

“It will be interesting to see whether Kiwibank’s increase in MFI customer share will have any impact on their high customer satisfaction level. The answer to this question will be made evident in Roy Morgan Research’s upcoming Customer Satisfaction Awards release later this month.”

The latest detailed Roy Morgan Banking Customer Satisfaction Report offers a short and long term measure of the customer satisfaction performance of New Zealand’s major financial institutions.

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Roy Morgan Research

Roy Morgan Research is Australia’s best known and longest established market research and public opinion survey company.

Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.

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