Satisfaction of Aussie banks improves during COVID-19

Consumer satisfaction scores for Australia’s banks have improved in May, according to new data from Roy Morgan.

The research showed satisfaction with the banks was at 79.5%, a 0.2% increase from April and a 1.1% increase from last May.

The Big Four banks saw an increase of 1.4% to 77.2%, with Commonwealth Bank being the best performer, followed by NAB, ANZ and Westpac.

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Mutual banks had the best customer satisfaction, up 0.7% from a year ago to 89.2%, with Bank of Australia the best performer followed by Bank First, Beyond Bank and Teachers Mutual Bank.

Foreign banks in Australia saw a decrease of 0.3% from a year ago to 85.5%, with ING, HSBC and Citibank still the best-performing banks in that sector.

Credit unions and building societies’ satisfaction increased 0.1% to 88.5% from a year ago, with Newcastle Permanent Building Society the best performer, followed by People’s Choice Credit Union and Credit Union Australia.

Michele Levine, chief executive of Roy Morgan, said a renewed outbreak of COVID-19 in Victoria in the last few weeks had prompted banks to announce they would extend mortgage loan deferrals through to as late as March 31, 2021, for customers heavily impacted by the pandemic.

“As well as mortgage loan deferrals other support measures include access to excess funds in redraw and offset facilities, reductions in repayment amounts, decreasing standard variable home loan rates and more,” Levine said.

“The suite of measures offered by banks depending on the financial situation of their customers is providing significant support to customers as well as the economy more broadly.”

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