New Zealand's ANZ bank ranks last in customer satisfaction

ANZ, despite being the largest bank in the country, has received the lowest customer satisfaction score in a recent survey conducted by Consumer NZ. This indicates a significant disparity between its market dominance and customer experience. The survey, which assessed 1920 banking customers across 17 service areas, placed The Co-Operative Bank at the top with 77 percent, while ANZ scored 57 percent. Consumer NZ suggests ANZ's poor performance in areas like savings interest and value for money may be due to a lack of competitive pressure. The survey also highlighted that one in five New Zealanders have been victims of scams involving their bank accounts. Consumer NZ noted that New Zealand lags behind other countries in addressing scams and open banking innovation, potentially due to the market structure.