NAB narrowly tops consumer satisfaction survey

Satisfaction levels in relation to the consumer banking industry reached a 15-year high in December 2011, according to new data from Roy Morgan Research.

Consumer satisfaction sentiment regarding the major financial institutions reached 79.3 per cent, up 1.3 percentage points on last year's results. The National Australia Bank (NAB) was narrowly rated the best in consumer satisfaction (78.0 per cent) for the second time since July 2000. 

NAB was followed closely by ANZ, which scored 77.9 per cent, Commonwealth Bank (77.5 per cent) and Westpac (76.4 per cent).

While the major banks are separated by a margin of only 1.6 percentage points, Roy Morgan stated that NAB's strong results were due to the significant service offerings the bank had made for customers who do not hold a mortgage.

Satisfaction amongst this segment increased 7.7 percentage points compared to 1.5 percentage points for home loan customers.

Like NAB, St George is well ahead of the big four satisfaction average (77.4 per cent), scoring 82.8 per cent.

Improvements among the big four however were overshadowed by the smaller banks, which recorded a total satisfaction rating of 84.1 per cent.

The best performers amongst the smaller banks were Bendigo Bank with a score of 89.5 per cent and ING Direct which scored 88.4 per cent.

Commenting on the report, Roy Morgan stated that over the coming months, bank satisfaction might be affected if home loan rates move outside of official rate movements, and by whether the pressure on margins and funding costs continues.