Customers still satisfied with banks despite Royal Commission
Despite the failures of the big four banks uncovered through the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, customer satisfaction with banks in the six months to March 2018 was still 80.9 per cent, down marginally from 81.0 per cent in February.
The results from Roy Morgan show this still represented a positive result, given the long-term monthly average was 73.8 per cent.
The majority of the big four banks only posted marginal declines, with the Commonwealth Bank of Australia down 0.3 per cent to 79.7 per cent, National Australia Bank down 0.2 per cent to 78.7 per cent, and Westpac down 0.4 per cent to 77.7 per cent.
ANZ posted a 0.3 per cent increase to 78.7 per cent, but the banks remain below the overall satisfaction rate.
Bendigo Bank had the highest level of customer satisfaction when compared to the largest ten banks, with 87.5 per cent of customers satisfied, remaining the top bank for customer satisfaction since February 2017.
ING closely followed with BankWest and St George up 0.9 per cent and 0.7 per cent respectively to equal 84.6 per cent.
Industry communications director, Norman Morris, said keeping bank customers satisfied was a major challenge given the current environment, but customers still had much higher satisfaction levels than they had averaged in the last two decades.
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
