(New Zealand) – Startup NZ retail bank Kiwibank has claimed success in poaching customers from its established competitors, and says rivals ANZ Westpac are particularly vulnerable.The “no frills” Kiwibank – owned by NZ Post – now claims more than 70,000 customers since it opened in February.
ANZ and Westpac dispute the claims, with ANZ admitting that while it lost customers last year, it now has more customers than it did in February.
Kiwibank has NZ$120 million in mortgage business and NZ$200 million in retail deposits. This equates to a market share of around 2 percent.
Kiwibank’s target it between 6 and 8 percent market share.