The Co-operative Bank is rated 5-stars for customer satisfaction

We spoke to The Co-operative Bank CEO, David Cunningham, to see how the winning bank supports its customers. 

What sets TheCo-operative Bank apart in the market when it comes to customer service?

Quite simply, our people love helping our customers.  As a customer-owned bank, our Purpose is to benefit our customers, and our culture is built around looking for ways to deliver this outcome.  This is supported by our Beliefs, which include Fairness, Mutual Benefit, Individuality and The Future.  For us, this is all about “doing right by people”.

With many banking services moving online, how does The Co-operative Bank still provide a personalised service to its customers?

We describe our strategy as building a digital bank with just the right amount of human touch.  It is ultimately our customers who determine how they want to interact with us, and when they choose to do that in person, it is a very personalised experience because our people know our customers very well.  We also focus on building digital solutions that are highly personalised, with user-centred design, core to our approach.

New Zealand is currently a low interest rate environment for savers, how does The Co-operative Bank support Kiwis to maximise their savings?

Our people are always looking for ways to help customers maximise the interest rates for their individual needs. We also offer big interest rates for our little savers, with 4% p.a. interest rate for the first $4000 on our Youth accounts – a compelling investment in the future.

The Co-operative Bank received five stars for problem resolution, what is your approach to dealing with any customer concerns?

We seek to resolve problems at the first point of contact. As CEO, if a customer raises an issue with me, I will pick up the phone and call them, and take ownership for resolving the issue.  It often surprises customers that the CEO rings them, but it reflects the culture of The Co-operative Bank, with everyone caring deeply about the experience we provide our customers.

Canstar’s verdict: Why The Co-operative Bank wins Canstar’s Most Satisfied Customers Award for banking satisfaction

“This is a great achievement for The Co-operative Bank, winning Canstar’s Most Satisfied Customers Award. It was rated 5-stars for overall satisfaction, and recognised as the market leader in banking satisfaction for the fourth time in eight years,” says Jose George, Canstar New Zealand General Manager.

“Customer feedback indicates that customer service, mobile and digital banking and problem resolution are the biggest drivers of satisfaction, and The Co-operative Bank was the only bank to score 5-stars for all three,” adds Mr George.

The Co-operative Bank’s win shows that although banking is an area of rapid technological change, with a big move towards online and phone banking, the traditional core value of great customer service is as important as ever.

Read Canstar’s 2019 banking satisfaction report