New Zealand's best and worst banks revealed

08:49, May 10, 2010      

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Survey results released Sunday showing a high level of New Zealand customer dissatisfaction with Australian-owned banks are a wake up call to the industry, said New Zealand finance sector union Finsec.

Finsec believes the survey also highlights the need for the government to step in to make banking in New Zealand fairer.

"It is time for the banking industry to change. More customers are dissatisfied than satisfied with their banks," said Finsec campaigns director Andrew Campbell.

"It is time for the banks to listen. They are huge players in our economy so it is appropriate they operate in the best interests of our country."

Campbell said the current approach that saw branches understaffed, workers pushed to sell debt, jobs sent overseas to be done cheaper while interest rates go up, bank CEOs get huge pay packages and massive profits that go offshore was unsustainable and must change.

The Better Banking survey showed one in 10 customers want to change banks but feel trapped by the cost and time needed to move accounts.

But most customers indicated they were happier with new technology that made their financial lives easier.

ASB came out on top, followed by BNZ, National, Westpac, with ANZ at the bottom of the list.

Some 78 percent of people surveyed thought there should be changes to how bank staff were paid and that sales targets should be de-linked from remuneration.

Of those surveyed, 52 percent said they always had to wait in a queue or on hold for service, and 37 percent agreed that customer service had got worse.



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