New Zealand’s small businesses owners are resilient and largely optimistic about the future, despite the numerous challenges they have faced in recent years. A supportive banking partner is key to making these hard times a little bit easier.
Today, Canstar is proud to announce the winner of its Small Business Bank of the Year. It is ANZ, for the fourth year in a row.
Canstar’s expert panel named ANZ the winner as a result of its highly competitive offerings, including an effectively fee-free transaction account, market-leading low rate and rewards credit cards, fully functional overdrafts and term loans and round-the-clock support options. ANZ also performed extremely well in its customer satisfaction surveys.
Jose George, Canstar New Zealand General Manager, said ANZ’s support for small business was incredibly valuable, both for the sector but also for the country. “Our annual research into small business shows how battle-weary they are.
“The businesses which got through COVID were then hit with labour shortages, inflation, and rising household costs. Small business owners have needed to be incredibly agile; rethinking commercial models, strategy, and revenue flows.
“That’s why this award is so important. It showcases the bank which is behind our small business community - which in turn is integral to our economy. ANZ is a valued financial partner to so many of our small business owners, and our surveys show how impressed they are. Congratulations to the team for this achievement.”
Lorraine Mapu, ANZ Managing Director for Business & Agri Banking, said small businesses have shown resilience and an ability to adapt to the many challenges they’ve faced over the past few years.
Lorraine Mapu, ANZ New Zealand Managing Director of Business and Agri Banking.
“We’re passionate about the role we play in helping business owners start, run, and grow successful businesses. Our team work hard to connect and really understand what our customers are dealing with and how we can best support them.
Canstar’s latest small business survey, which captured the ‘mood’ of more than 700 business owners, showed over half (55%) are optimistic about the future. This is despite less than half (44%) reporting revenue increases over the last year. The survey also showed how the sector is pivoting toward new tools, with the majority using or intending to use artificial intelligence in their workflow.
Canstar’s Small Business Bank of the Year Award uses a bespoke methodology to find its winner, drawing on analysis of products, features, and customer satisfaction. Elements assessed include the value of financial products, branch accessibility, digital functionality, merchant services and education and additional support afforded to small businesses. Customer satisfaction is based on survey responses across seven key areas.
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