New Zealand Retail Banking Analysis by Consumer Profiles (Boomer, Generation X, Generation Z and Younger Millennial)

New Zealand Retail Banking Analysis by Consumer Profiles (Boomer, Generation X, Generation Z and Younger Millennial)

Summary

This report - which is part of a series of New Zealand content including country analysis and competitor benchmarking - looks at five different customer personas in New Zealand. It explores their financial goals, unmet needs, and banking preferences while providing actionable steps for financial providers to take to achieve high levels of retention and to cross-sell effectively and accordingly.

Based on the consumer profiles covered in this report a few general results can be gleaned. For example, most customers conduct their daily banking activities digitally either on a mobile app or on a provider’s website. However, the advantage of this report lies in the findings that are unique to individual consumer profiles within New Zealand, from Generation Z to boomers.

Scope

• Across almost all consumer profiles, online and mobile banking are the two most commonly used channels.
• Several consumer profiles showed a strong preference for branch access for certain banking activities, such as applying for a mortgage and opening a new account.
• Young single consumers who prefer to use alternative providers are the least satisfied with their bank’s integration of digital and non-digital services.

Reasons to Buy

• Understand how consumer preferences vary between different types of consumer.
• Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
• Identify the areas for improvement that matter to specific consumers.
• Benefit from actionable steps that can help your business target specific customer profiles.