Big bank satisfaction results persist
Gains amongst both home-loan and non-home loan customers of the big four banks has seen satisfaction sitting 80.2 per cent for the six months to May 2017, a marginal increase of 0.1 per cent from April, according to Roy Morgan Research.
While the Commonwealth Bank of Australia (CBA) held its position as the best overall performer, ANZ saw the biggest gains toward the end of the last financial year, up 1.2 per cent among non-mortgage customers.
National Australia Bank (NAB) recorded 80.4 per cent of “very” or “fairly” satisfied customers, ahead of ANZ (79.6 per cent) and Westpac (78.3 per cent). The rankings were slightly different among customers who did not regard their bank as their main financial institution, with satisfaction highest for NAB (71.4 per cent), followed by ANZ (69.5 per cent), CBA (68.2 per cent), and Westpac (66.6 per cent).
Roy Morgan industry communications director, Norman Morris, said: “[It’s] a major challenge for banks is to increase the proportion of their customers who regard them as their main financial institution. In order to achieve this they will need to improve the satisfaction level among those who do not currently regard them as their main financial institution”.
“This segment not only has low levels of satisfaction, but also have very low ‘share of wallet’ compared to main financial institution customers.”
“As a result they have the greatest potential to increase business with their bank, particularly as they account for around one in three customers of the big four banks.”
Teachers Mutual Bank has retained its overall satisfaction stronghold amongst the smallest bank, recording 62.3 per cent “very satisfied”, ahead of Greater Bank (58.8 per cent), and Bendigo Bank (52.2 per cent).
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”.
