Consumer satisfaction with big four banks grows
The big four banks are closing the gap with the smaller banks on consumer satisfaction levels with a 79.6 per cent satisfaction score, research has showed.
That is only five percentage points behind the smaller banks, compared to nine percentage points in 2011, the Roy Morgan Research Consumer Single Source survey showed.
Customer satisfaction level with banks reached 81.2 per cent in October, unchanged from September but equal to the highest level reached in the 18 years of the survey.
The Commonwealth Bank (CBA) rated the highest out of the big four banks in the six months to October 2013 with 81.3 per cent satisfaction. This was followed by Westpac (79.4 per cent), NAB (78.2 per cent) and ANZ (77.5 per cent).
In October 2012, NAB was ranked the highest at 80.4 per cent, followed by CBA (79.1 per cent), Westpac (76.8 per cent) and the ANZ (75.1 per cent).
CBA, Westpac and ANZ customers showed increased satisfaction after the banks reduced their home loan rates.
NAB was the only major bank where satisfaction has dipped as its home loan customers did not show increased satisfaction.
Industry communications director at Roy Morgan Research Norman Morris said the eight interest rate reductions in home loans over the last two years has resulted in increased consumer satisfaction.
"But as would be expected they don't appear to be having a positive impact on deposit customers. The end result has been a significant closing of the gap in satisfaction over the last 12 months between home loan customers and non-home loan customers," Morris said.
He added that the use of internet banking was also impacting satisfaction levels and exceeding satisfaction levels with branches.
"Customers who are ‘very satisfied' with using the internet have a satisfaction rating of around 90 per cent; much higher than the average satisfaction rating which is approximately 80 per cent," Morris said.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
