Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

NAB named most distrusted bank in Australia

NAB/roy-morgan/

15 February 2019
| By Anastasia Santoreneos |
image
image image
expand image

While most industry bodies are claiming the banks were let off lightly by the Royal Commission, National Australia Bank may think otherwise as Roy Morgan’s latest survey reveals it is now the most distrusted bank brand in Australia, suffering a doubling of distrust year on year.

The research firm conducted a survey in January before the release of Hayne’s report, which actually revealed the Commonwealth Bank of Australia had the highest level of distrust.

When the survey was re-conducted in February in the week following the report’s release, NAB had the highest level of distrust, with 53.7 per cent of respondents citing distrust as opposed to 36.9 per cent in January.

The bank’s level of trust unsurprisingly plummeted from 18.5 per cent to 11.5 per cent, also producing the banking sector’s worst Net Trust Score  at -42.2 per cent, with the other three major banks sitting around minus 20. 

“This is the highest level of distrust we have ever seen for a bank brand in Australia,” said Roy Morgan chief executive officer, Michele Levine.

Levine said it was a startling result, and called on company directors of banks to rebuild trust in the industry.

“These directors on the boards of banks need truly independent reporting over time of their brand’s trust – and more critically, their distrust,” she said. “Rather than taking solace in the relatively strong levels of satisfaction that the banks still enjoy among their main customers, company directors need to explore the dangerous underbelly of distrust.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 weeks 6 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

3 weeks 6 days ago

So we are now underwriting criminal scams?...

7 months ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

3 weeks 1 day ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

3 weeks 4 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

6 days 21 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND