Forebrand’s latest brand study of savings and transaction accounts revealed that ING Direct is losing ground in the online savings market.
While it remains in the Forebrand Best Brand Index top ranking, consumer sentiment towards ME Bank, Bankwest, St George and U-Bank has improved, placing the four brands in a position to win market share.
Forebrand stated that of the drivers of market share growth that customers value most highly, U-Bank was considered to offer the best interest rates, ME Bank was the best in terms of minimal fees and charges, and St George and Bankwest gained consumer favour on issues relating to quality of service.
Consumers placed ANZ in the top ranking in terms of customer choice relating to price, reputation and quality, while CBA’s ranking improved in terms of customer choice relating to ease of deposits and fast withdrawals.
The Best Brand Index revealed that Westpac and NAB were both in market share-losing positions.
