Big four improve satisfaction, small banks struggle
Smaller banks still lead the satisfaction ratings with Australian customers, but the Big Four are starting to close the gap, with satisfaction up from 79.5 per cent to 79.8 per cent in the six months to June 2017, according to research from Roy Morgan.
Of the big four, the Commonwealth Bank of Australia’s (CBA’s) satisfaction retained the lead at 81 per cent, ahead of National Australia Bank (NAB) at 79.8 per cent, ANZ at 78.8 per cent, and Westpac (77.6 per cent).
Teachers Mutual Bank held on as industry leader with a customer satisfaction level of 91.5 per cent, despite a 2.6 percentage point slide over the last year.
Commenting on the results, Roy Morgan industry communications director, Norman Morris said: “A major focus among the Big Four banks over more than a decade has been to improve their customer satisfaction and be ranked number one among their peers on this metric”.
“This strategy appears to be paying dividends as not only are the Big Four showing improvements in satisfaction but are closing the gap to the smaller banks who have been the pacesetters in satisfaction for a long time.”
Heritage Bank, Bendigo Bank, Beyond Bank Australia, and ING Direct rounded out the top five.
AUTHOR
Hope William-Smith
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
