Regional and online banks outperform big four banks in customer rankings
Regional and online banks have outperformed the big four banks, according to the Banking4u rankings released by strategic research and intelligence firm Retail Finance Intelligence (RFI).
RFI’s survey of about 20,000 Australians revealed that Bendigo and Adelaide Bank was ranked the best in three out of five categories: cards, transactions, and mortgages. NAB and ANZ were the only big banks that received good rankings, largely due to their customer-friendly advertising campaigns.
RFI research director Alan Shields said Bendigo and Adelaide Bank, Bankwest and Suncorp consistently scored highly.
“The success of regional and online-based banks can be attributed to customers feeling they have, or can build, a relationship with the institution because there is a perception that it puts the customer at the centre of its business,” he said.
Referring to NAB and ANZ’s rankings, he said advertising had a significant impact on a consumer’s perception of a bank.
“For instance, the ANZ ads appeal to customers who want a closer and more personal relationship with their bank, and NAB’s ads focus on the bank keeping fees as low as possible and offering a ‘fair’ deal. This has paid dividends in the Banking4u results,” said Shields.
He said the Banking4u results revealed that consumers are looking for a good deal, but they also want a bank with staying power that has the potential for genuine long-term growth.
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