The banking industry in New Zealand is a critical sector that plays a significant role in the country's economy. In 2022, the industry had a GDP of NZD 15.6 billion and employed over 35,000 people. In this article, we explore the factors contributing to the industry's growth and success, each industry's growth and comparison to the previous years, key trends, challenges, and future outlook.
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Company
Headcount
Contact
Description
Decision Maker
WESTPAC NEW ZEALAND
4,014
+64 800 400 600 fmservice@westpac.co.nz
We’ve been helping New Zealanders find the right financial solutions to suit their lives since 1861. We first opened back then as The Bank of New South Wales, and then changed our name to Westpac in 1982. Along the way we’ve grown stronger by joining forces with the Commercial Bank of Australia and Trust Bank – to become Westpac New Zealand Limited. We bank all sorts of people and businesses – from young children, to first home-owners through to big corporates and the New Zealand Government. Nearly a quarter of all Kiwis bank with Westpac, so we’ve got great experience and knowledge to draw on when it comes to helping people with their very first bank account, all the way through to their retirement. With more than 200 branches, and nearly 500 ATMs, we’re one of New Zealand’s largest banks. We provide a full range of banking and financial services for personal, business and agribusiness banking. A copy of our House Rules can be found here: http://bit.ly/1p0SuxH
CRAIGS INVESTMENT PARTNERS
558
+64 800 272 442 compliance@craigsip.com
We are one of New Zealand’s leading investment advisory firms. We work with one vision in mind - to provide high quality investment services tuned to the unique needs of our clients. We have over 160 Investment Advisers within 19 branches throughout New Zealand, available to help clients with varied investment needs. Our Investment Banking division offers a full range of corporate finance capability, underpinned by our global resources and an experienced team of advisers, with expertise across a range of industry sectors. Contact Craigs Investment Partners on: • Freephone: 0800 272 442 • Email: headoffice@craigsip.com • To contact an Investment Adviser visit: craigsip.com/people/advisers Disclosure Statements are available on request and free of charge.
SIMPSON GRIERSON
369
+64 9 358 2222 info@simpsongrierson.com
Simpson Grierson is one of New Zealands leading full service commercial law firms, and also one of the largest. Invested in your future. It’s a promise we make to our people, our clients, and New Zealand. Put simply, it means our best future is in helping you shape yours. Supporting your success, creating great outcomes, and investing in long-term relationships. We invest in our people, and are determined to make Simpson Grierson one of the best places to work, learn and grow. Our supportive culture empowers people to thrive and succeed. Working with us means you get to shape the way you work, maintain wellness and balance, and benefit from our sector-leading learning and development programme. We invest in our clients, earning trust through exceptional service, open communication, and helping them to grow and succeed. We shape our service around specific client needs, delivering commercially-savvy legal advice while solving problems and anticipating others. Having us in your c…
RUSSELL MCVEAGH
367
+64 9 367 8000 contactus@russellmcveagh.com
Russell McVeagh is a leading New Zealand law firm, known as the go-to team for tackling complex legal problems. As a full-service commercial firm, we employ over 320 people across our Auckland and Wellington offices, and offer our clients a collaborative, seamless approach. Supporting a wide range of clients, we draw on our expertise across the full spectrum of corporate advisory, banking and finance, litigation and dispute resolution, real estate and construction, tax, public law and environmental law. Whether you are a major corporate, regulator, investor, public sector, or non-profit organisation, we listen and take the time to develop a deep understanding of our clients ambitions. We adapt to our clients preferred ways of working and always seek to find solutions that align with their culture and values, and strategic goals. Above all, we aim to provide pragmatic and clear advice. Our firms values of Manaaki | Respect, Whai hiranga | Excellence, Māhirahira | Curiosity, and Whaka…
BUDDLE FINDLAY
331
+64 9 358 2055 marketing@buddlefindlay.com
Buddle Findlay is progressive, well respected and at the forefront of the legal profession. We have an open and approachable client-focused culture, with a determination to continually provide the highest quality of service. Buddle Findlay’s experienced partnership brings an energy and enthusiasm to New Zealand’s legal market. Its practical approach has made it a valued strategic adviser to its clients with an ability to provide balanced advice within a broader commercial context. Buddle Findlay is one of New Zealand’s leading commercial and public law firms with offices in Auckland, Wellington and Christchurch. The firm has a total of 180 lawyers, including 46 partners and, with support staff, a total workforce of approximately 270 people. Our origins date back over 120 years, to the earliest days of legal practice in New Zealand. Buddle Findlay provides the full range of services to the corporate and public sector. Clients include national and multinational corporations, priv…
We are a top tier New Zealand full-service law firm known for our excellence, innovation, and specialism. We will work alongside your team to give a one-off opinion or to assist on a regular basis. Our practice includes corporate and commercial law, mergers and acquisitions, competition and regulatory issues, finance, real estate, dispute resolution, public law, employment, intellectual property, and taxation. Our teams collaborate to bring our best and brightest skills to bear for the benefit of clients across key industry sectors including Infrastructure, Government, Health, Banking and Financial Services, Managed Funds, Technology, TMT, and Energy & Resource sectors. The firm also provides a seamless, integrated approach for clients in the Asia-Pacific region and more globally. As a member of the Minter Ellison Legal Group, you have access to one of the largest full-service legal groups in the Asia-Pacific region, with more than 290 partners and 900 legal staff worldwide in office…
DUNCAN COTTERILL
315
+64 3 428 2050 christchurch@duncancotterill.com
We are an enterprising business who has taken opportunities when they arise. It’s this enterprising attitude that’s led us to set up and grow offices in five distinct markets, with offices in Auckland, Wellington, Nelson, Christchurch and Queenstown. Its helped us to build an energetic, diverse and collegial partnership and it’s what’s attracted enterprising companies and organisations to work with us time after time. If you want to work with lawyers who show initiative and resourcefulness, wed love to hear from you.
SBS BANK
208
+64 800 727 2265 info@sbsbank.co.nz
SBS is a New Zealand bank, established in the south more than 150 years ago. We’re 100% owned by our members meaning that we’re 100% committed to putting them first. Our profits arent sent offshore; they are retained to allow us to offer competitive rates and exceptional service meaning that when a Member calls us or walks through our doors, they are treated with the warmth and respect that only SBS can offer. To find out more, visit our website: www.sbsbank.co.nz
ANDERSON LLOYD
203
+64 3 379 0037 lawyers@al.nz
We are a leading New Zealand law firm focused on achieving the best possible outcomes for our clients. Our lawyers are widely recognised for their expertise and the value they deliver. Located in Auckland, Christchurch, Dunedin and Queenstown, we have more than 170 partners and staff across our offices. What makes Anderson Lloyd successful? It’s our commitment to: Our clients We take time to understand our clients and form long-term partnerships with them. Excellence We strive for excellence in everything we do to achieve the best results for our clients. We provide the highest standards of service. Commercial outcomes We understand the needs of our clients’ businesses and provide strategic and commercially focused solutions. We are straightforward and pragmatic. Our people Our people set us apart. We offer challenging and stimulating work and an environment that encourages their growth. This benefits our clients. Acting responsibly Our sustainability programmes promote…
WHEN YOU’RE MAKING KEY DECISIONS ABOUT YOUR BUSINESS, YOUR ASSETS, OR YOUR FUTURE DIRECTION – WYNN WILLIAMS WILL ACT AS YOUR TRUSTED LEGAL ADVISER. We are a national firm with a full team of 95+ lawyers and support staff. With offices in Auckland, Christchurch and Queenstown, New Zealand, we have a global outlook that services clients around the world. Wynn Williams provides advice to businesses and organisations of all sizes – as well as local authorities, rural clients, private individuals, and overseas investors. We work to resolve your legal issues in the most timely and effective way, so you can move forward with confidence.
SILVERSTRIPE
102
+64 4 978 7330 privacy@silverstripe.com
Our mission is to help everyone have valued interactions with the organisations that shape modern life. When we work with our clients, we want to make sure we are helping them improve the everyday lives of the people who are using their websites and web apps. Whether youre a government agency, a bank, a telco, or a power company, we help you connect with the people around you. Weve worked with innovative organisations from Westpac whose online banking is defining daily financial experiences to Stats NZ whose digital-first census data is influencing public policy. We do this by providing you the opportunity to have valuable interactions with your own customers through our CMS, end-to-end services, and Cloud Platform.
RANDSTAD NEW ZEALAND
95
+64 800 800 204 bookwellington@randstad.co.nz
Randstad is a specialist recruitment and HR services company with offices in Auckland, Wellington and Christchurch and in 39 countries worldwide. Were dedicated to matching people to companies who will help them achieve their full potential and companies to people who will drive their business success. We specialise in Accounting, Banking & Financial Services, Business Support, Contact Centre and Assessment Centre, Construction, Property & Engineering, Early Childhood Education, Human Resources, Information Technology and Digital and Project Services recruitment. Visit our website www.randstad.co.nz for more information.
TAVENDALE AND PARTNERS LIMITED
71
+64 3 546 9995 beatrice.law@tp.co.nz
Tavendale and Partners is a leading New Zealand law firm, based in Canterbury and Nelson, providing legal services and support throughout the country. At Tavendale and Partners, we’re on your team. We are a talented group of experts committed to partnering with you, to achieve successful outcomes. We provide trusted, strategic support and expert legal advice. We advocate for our clients, creating opportunities and tackling complex issues head on.
GALLAWAY COOK ALLAN LAWYERS
71
+64 3 477 7312 lawyers@gallawaycookallan.co.nz
Getting straight to the point through expertise, experience and understanding. Gallaway Cook Allan is a premier Otago-based full service law firm with offices in Dunedin and Wanaka. We act for commercial businesses, private clients, and local and regional government, across the South Island, nationally and internationally. We work with established businesses and start-ups, with entrepreneurs and investors, developers and farmers, landlords and tenants and have wide-ranging expertise across a number of industries. Although our reputation for providing expert and timely legal advice stretches back to the founding of Otago, we are very much a modern law firm; unstuffy, friendly, down-to-earth and client focused. Indeed, Getting Straight to the Point is so important to us that we have put it at the centre of our firm and organise ourselves around this principle. It influences how we recruit and how we develop our people, how we work together in teams to combine general legal expertise w…
SQUIRREL
85
+64 800 212 223 richard@squirrel.co.nz
Squirrel offers mortgage brokering, lending and investing services that can be done online from the comfort of your own home. Life doesn’t fit on a form. That’s why we look at you, the human, not just a pile of paperwork. Our advisers listen to what you want from life and find the best way of getting you there. Squirrel has been helping Kiwis get into homes since 2008, now lending about $75 per second! Our advice is always impartial and honest, because the only goal is to leave you better off. Were best at whats best for you.
BANKSIDE CHAMBERS
62
+64 27 226 2099 graeme.christie@bankside.co.nz
Bankside Chambers is one of New Zealand’s leading chambers in civil and commercial litigation, arbitration and mediation. Our ranks include barristers, arbitrators and mediators known for their legal ability, client-oriented approach, depth of experience and skilled advocacy. Our members represent major global and New Zealand-based companies, private commercial entities, charities, private individuals and government departments. Bankside also has some of New Zealand’s leading international and domestic arbitration advocates and arbitrators, and mediators. We are the first and only New Zealand barristers chambers committed to a permanent presence in Singapore.
PIVOT SOFTWARE, AN ELMO COMPANY
2
+64 3 359 1707 info@pivotsoftware.com
Pivot Software is an ELMO company, we help organisations through the use of our best of breed, SaaS technology to improve their control over complex and often emotional human resource processes like Remuneration and Performance Management. Productivity, enhanced transparency of outcomes and improved employee engagement are just some of the positive impacts of implementing our technology. As human resource professionals, we understand how well managed remuneration and performance management policies bring organisational values and principles to life. We enable HR interactions that are meaningful and beneficial. Conversations between managers and staff are supported, and not replaced, using our solutions which are as easy to use as a simple website. Over 120 organisations across Australia and New Zealand use Pivots solutions, across a wide range of sectors including energy, resources, financial services, banking and insurance and professional services sectors. The HR policy and st…
XERO
5,237
sustainability@xero.com
Xero is a global small business platform with 3.5 million subscribers which includes a core accounting solution, payroll, workforce management, expenses and projects. Xero also has an extensive ecosystem of connected apps and connections to banks and other financial institutions helping small businesses access a range of solutions from within Xero’s open platform to help them run their business and manage their finances. For four consecutive years (2020-2023) Xero was included in the Bloomberg Gender-Equality Index. In 2021 and 2022, Xero was included in the Dow Jones Sustainability Index (DJSI), powered by the S&P Global Corporate Sustainability Assessment. Xero is a FIFA Women’s Football partner. Get support http://central.xero.com
JARDEN
526
+64 3 336 5373 compliance@jarden.co.nz
Founded in 1961, Jarden is an investment and advisory group connecting people, insights and capital to deliver exceptional client outcomes. From investment banking to capital solutions and tailored wealth management, Jarden offers a range of investment products and services to clients operating in wholesale and retail markets in New Zealand and around the world. We serve a range of clients from individuals to family offices, charitable trusts and iwi, as well as large corporations and institutions. Our in-depth market expertise across New Zealand and Australia provides our clients access to global connections, opportunities and capability. To learn more, visit our website: www.jarden.co.nz | www.jardengroup.com.au
FINZSOFT SOLUTIONS LIMITED
34
+64 9 571 6800
Finzsoft Solutions Ltd, a Silverlake Axis Company, is a publicly listed company on the NZX Board of the New Zealand Stock Exchange (FIN). The Finzsoft Group includes Finzsoft Solutions (Australia) Pty Ltd, Finzsoft Solutions (New Zealand) Ltd and Sush Global Solutions Limited as wholly-owned subsidiaries of Finzsoft Solutions Ltd. A New Zealand based financial technology organisation, Finzsoft leads the development of transformational solutions for leading banks, building societies, credit unions and finance companies across Asia-Pacific. We provide core and vertical solutions; developing a range of best-in-market products designed with customer centricity and mobility top of mind. Our people, operational framework, company culture and vision enable an aggressive growth strategy across the Asia Pacific region with the capability to bring value-adding, disruptive technologies to market. At the start of 2015, Silverlake Axis and Finzsoft joined forces to drive future growth across t…
Top Banking Companies in New-Zealand
Factors Contributing to Growth and Success
Government Initiatives
The New Zealand government has played a significant role in promoting the growth and success of the banking industry through various initiatives aimed at enhancing the industry's stability and efficiency. For instance, the government has established regulatory frameworks such as the Reserve Bank of New Zealand Act to promote financial stability, protect consumers, and enhance market competition.
Industry Growth and Comparison to Previous Years
The banking industry in New Zealand has experienced steady growth over the years, driven by factors such as increased demand for financial services and the adoption of digital technologies. In 2022, the industry experienced significant growth in the digital banking segment, reflecting the growing trend towards digitalization and online banking.
In 2022, the banking industry in New Zealand experienced a 3.9% increase in GDP compared to the previous year, reflecting sustained industry growth. The industry has also seen a steady increase in employment figures, with over 35,000 people employed in the industry in 2022.
Key Trends
Digital Banking
The adoption of digital technologies has become a critical trend in the banking industry, reflecting the growing demand for convenience and personalized services. The industry is increasingly offering digital banking solutions such as online banking, mobile banking, and digital wallets, to meet the evolving needs of customers.
Technological Disruptions
Technological disruptions, such as automation and artificial intelligence, are rapidly transforming the banking industry. The industry is adopting new technologies such as chatbots, biometrics, and blockchain to improve customer experiences, increase operational efficiency, and reduce costs.
Challenges
Despite the industry's growth and success, there are several challenges that must be addressed to maintain its position in the market. One significant challenge is the increasing competition from other countries, particularly in the Asia-Pacific region. To remain competitive, the banking industry in New Zealand must continue to focus on innovation and collaboration, as well as investing in new technologies and sustainable practices.
Another challenge facing the industry is the potential impact of global economic uncertainties, such as the ongoing COVID-19 pandemic and geopolitical tensions. These factors could affect the industry's growth and profitability, and the industry must remain vigilant and agile in responding to these challenges.
Regulatory Compliance
Regulatory compliance has remained a significant challenge for the banking industry, particularly in the face of increasing regulatory complexity and scrutiny. The industry must address this challenge by adopting robust compliance measures, enhancing risk management frameworks, and investing in compliance training programs for employees.
Cybersecurity
Another challenge facing the industry is the issue of cybersecurity. With the increasing use of technology and data, the industry must ensure that customer data is protected and that the privacy of individuals is maintained. This requires the implementation of robust security measures, such as multi-factor authentication and encryption, as well as compliance with data privacy regulations.
Future Outlook
The future outlook for the banking industry in New Zealand is positive, with continued growth expected in the coming years. The industry's adoption of new technologies, such as digital banking solutions and innovative financial products, will continue to drive industry growth and innovation. Additionally, the industry's focus on regulatory compliance and financial inclusion will position it to remain competitive in a rapidly evolving global marketplace.
Conclusion
The banking industry in New Zealand is a critical sector that contributes significantly to the country's economy. The industry's growth and success can be attributed to various factors such as government initiatives, sustained industry growth, and key trends such as digital banking and technological disruptions. However, the industry must continue to embrace new technologies, enhance regulatory compliance and cybersecurity, and address challenges such as regulatory complexity and cyber threats to ensure continued growth and success. By focusing on innovation and collaboration and promoting digitalization and customer-centricity, the banking industry in New Zealand can maintain its position as a leader in the global marketplace and drive industry growth in the coming years.
Additionally, the industry must also focus on enhancing financial inclusion by providing affordable and accessible financial services to underserved communities. This can be achieved through partnerships with non-governmental organizations and other stakeholders, as well as through the development of innovative financial products and services.
Furthermore, the industry can also benefit from the adoption of sustainable practices, such as reducing the carbon footprint of banking operations and financing green projects. The increasing awareness of climate change and the push towards sustainable development present opportunities for the industry to differentiate itself and meet the evolving demands of customers.