A survey from Consumer NZ reveals 87% of customers were "very satisfied" with financial products they received from TSB, 82% with The Co-Operative Bank, and 71% with Kiwibank.
In contrast, just 52% of customers said they were "very satisfied" with the Australian-owned lenders ASB and ANZ. While 55% of customers said they were "very satisfied" with Westpac's products, and 65% with BNZ offerings. The survey asked 1544 consumers to rank lenders on fees, timely responses to enquiries, advice on products, and value for money.
The study highlights growing concerns about banks up-selling products to existing customers. A total of 27% of respondents said they had been approached by banks with mortgage top-up, insurance and credit card offers they did not need.
Consumer NZ chief executive Sue Chetwin says the complaints raise questions "about the banks' compliance with their responsible lending obligations". Chetwin adds: "There's a concern consumers are being upsold into financial products that may not suit them or get them into further debt they may not be able to meet."
