ANZ strikes while the customer satisfaction iron is hot

  • Customer satisfaction
  • September 28, 2012
  • Michelle Levine
ANZ strikes while the customer satisfaction iron is hot

Amidst discussion about the National Bank brand being dropped, it is interesting to note that since 2003 when the ANZ bought the National Bank, satisfaction levels among National Bank customers are similar to those recorded in 2003 when ANZ bought the National Bank. The chart shows some ‘ups and downs’, but overall the takeover has not negatively impacted National Bank satisfaction levels.

Moreover ANZ customers’ satisfaction levels, which were much lower than National Bank customers in 2003, have improved substantially (up from around 61 percent in 2003 to 74.7 percent now).

With ANZ customer satisfaction now substantially higher than when it first took over National Bank, timing for a brand change—or dropping the National brand—is probably about as good as it can be.

Roy Morgan Research also monitors customer behaviour, and attitudes and demographic profiles. This research shows that the two banks have similar numbers of customers: National has a banking relationship of some kind with 21 percent of New Zealanders aged 14 plus and ANZ has a relationship with 20 percent. However based on dollar value the National Bank market share is higher at around 16 percent, while the ANZ is around 11. This is due to the National Bank’s customer profile: more products and a higher dollar value per customer. National Bank customers are also somewhat more affluent than ANZ customers with higher average incomes, higher levels of tertiary qualifications and higher levels of employment in professional and managerial positions.

It is also important to remember that the banking market in New Zealand is not standing still. Kiwi Bank has increased its position in the market at the expense of other banks. The Roy Morgan State of the Nation shows New Zealanders are changing the way they bank—fewer are visiting branches (52 percent now visit a bank branch in an average four week period, down from 62 percent over a decade ago) and 48 percent are now using the internet to bank. So banks are having to invest heavily in technology platforms to provide the services their customers need and want.

Brand changes are always undertaken with a degree of trepidation as the relationship between brand and customer is complex and generally enduring and is often little understood. Our experience at Roy Morgan Research is that those banks who takeover other strong brands successfully are those who understand their customers and those of their takeover and communicate with them and satisfy their needs and wants better than any other competitor.

  • Michele Levine is the chief executive of Roy Morgan research. 

This is a community discussion forum. Comment is free but please respect our rules:

  1. Don’t be abusive or use sweary type words
  2. Don’t break the law: libel, slander and defamatory comments are forbidden
  3. Don’t resort to name-calling, mean-spiritedness, or slagging off
  4. Don’t pretend to be someone else.

If we find you doing these things, your comments will be edited without recourse and you may be asked to go away and reconsider your actions.
We respect the right to free speech and anonymous comments. Don’t abuse the privilege.

news

Off pitch: The mission to repair the broken pitching system

Appalling, shocking, laborious, unprofessional, unfair and time-wasting were just some of the descriptions we've recently heard describing the pitching process. Suffice to say there's a ...

Next page
Results for
Topics
Jobs
About

StopPress provides essential industry news and intelligence, updated daily. And the digital newsletter delivers the latest news to your inbox twice a week — for free!

©2009–2015 Tangible Media. All rights reserved.
Use of this site constitutes acceptance of our Privacy policy.

Advertise

Contact Vernene Medcalf at +64 21 628 200 to advertise in StopPress.

View Media Kit