New Zealand has a highly concentrated market for most financial products, with ANZ, ASB, and Westpac dominating the provision of current accounts, savings accounts, and mortgages. Consumers are cautious in their choice of provider, favoring those with strong reputations and nearby branches. Mobile is now a significant channel for routine transactions, although use is heavily skewed towards younger age groups. Satisfaction with digital channels is significantly higher than for branches and call centers.
- Among consumers as a whole, reputation and branch location are the two most influential drivers of choice of current account provider, and are particularly important to post-family consumers. Younger consumers are particularly reliant on personal recommendations.
- Borrowers overwhelmingly prefer direct application for mortgages, with 70% of all current borrowers having chosen this option. However, this has fallen slightly over time, while independent financial advisors and specialist brokers have both claimed a rising share of the market.
- Online is the most heavily used banking channel, with a third of consumers engaging with it every day. Older consumers are as reliant on it as younger consumers. The channel is mature and hence boasts high levels of usability and functionality that appeal equally to all age groups.
The "Retail Banking Country Snapshot: New Zealand 2016" reviews the retail banking sector in New Zealand, with a particular focus on the current account, savings, mortgage, and personal loans markets. It includes both market-level data and insight from our Retail Banking Insight Survey.
The report offers insight into:
- How consumers in New Zealand take out and use their financial products, and how this has changed in recent years.
- Which providers dominate the current account, savings, mortgage, and loan markets, and what factors persuaded their customers to choose them.
- The extent to which consumers are using online and mobile channels to research, take out, and use their financial products.
Reasons to Buy
- Future proof your strategy with market sizing, forecasts, and analysis of key developments currently affecting New Zealand's retail banking sector.
- Target consumers with inside knowledge of their true behaviors and attitudes, with detailed analysis from our proprietary insight.
- Learn about the impact new entrants and distribution channels will have on the market.
2. Current accounts
3. Channel use
4. Savings accounts
6. Personal loans
7. Bank infrastructure & regulation