Customer satisfaction with banks has continued to grow and the Commonwealth Bank of Australia (CBA) continues to fly above the scandals levelled against it, according to Roy Morgan’s latest Single Source Survey results.
Of the ten largest consumer banks, smaller institutions again outperformed the big four in customer satisfaction in the six months to December last year. Bendigo Bank had the highest satisfaction rating with 88.8 per cent, followed by Bank of Queensland with 86.0 per cent.
The could be due to mortgage customers being consistently happier with the smaller banks than their larger counterparts.
CBA’s maintained its top satisfaction ranking amongst the big four with 79.6 per cent, despite being plagued by Australian Securities and Investments Commission (ASIC) investigations. The regulator announced just yesterday that it was bringing further action against the bank.
Its lead compared to the other banks reduced though, as its satisfaction stayed the same while the National Australia Bank and ANZ both improved their ratings.
Norman Morris, Roy Morgan industry communications director said that, despite the negative publicity surrounding banking in the lead-up to the Royal Commission, it was worth understanding what customers think regarding their banks.
He pointed to the fact that customer advocacy levels have improved across the major banks over the last year as proof that sentiment remained largely positive.