Satisfaction with big four up in April
Satisfaction with the big four banks was 80.1 per cent and was well above the long-term average of 74.9 per cent in the six months to April thanks to the overall improvement and small gains from both home-loan and non-home loan customers, according to the latest data from Roy Morgan Research.
However, satisfaction among home-loan customers of the big four, which stood at 78 per cent, was still below of the satisfaction levels of their other customers (80.5 per cent).
The Commonwealth Bank (CBA) was the best overall performer, with a satisfaction level of 81.4 per cent, followed by National Australia Bank (NAB) (80.2 per cent), ANZ (78.7 per cent) and Westpac (78.1 per cent).
At the same time, Westpac was the biggest improver among the big four in April alone.
Across the category of the main financial institutions (MFI), which accounted for around 70 per cent of the big four banks’ customers, NAB had taken a very narrow lead with 83 per cent, compared to the CBA (82.9 per cent) which had been the leader in MFI satisfaction since June, 2015.
As far as mortgage customers satisfaction was concerned, it improved marginally from 77.7 per cent to 78 per cent, counting year-on-year, however mortgage customers still had lower satisfaction than non-mortgage customers.
Roy Morgan Research, Industry Communications Director, Norman Morris, said: “Roy Morgan data shows that customer satisfaction with the big four banks remains well above their long term average and after trending up strongly for more than a decade, for the last two years it has plateaued rather than showing any real signs of declining.
“It is important to understand the longer-term satisfaction trends because it is very easy to get diverted by the many short term issues that generally have been seen to have little lasting impact.”
AUTHOR
Oksana Patron
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
