Banks record lowest customer satisfaction in three years
The satisfaction level of the big four banks' customers is down 0.6 per cent in the first six months of the year and since June, has reached the lowest level in nearly three years, Roy Morgan research reveals.
The latest findings form Roy Morgan's Single Source survey showed that customer satisfaction with Westpac, National Australia Bank (NAB), the Commonwealth Bank (CBA), and ANZ was now nearly two per cent below 12 months ago, with home-loan customer satisfaction rates falling 3.6 percentage points.
While the survey noted that the current satisfaction levels of the big four banks were still above the long-term trend, they had declined rapidly in recent years, aside from a small peak in May 2015.
Westpac proved to be the least popular, recording the biggest slide down 1.1 per cent to 78.1 per cent. CBA and NAB recorded 0.5 per cent slips down to 81.2 per cent and 78 per cent respectively, while ANZ was slightly better off, falling just 0.2 per cent to sit on 78.9 per cent.
ANZ had the most consistent levels of positive customer engagement over the last decade, while CBA has seen a steady rise between 2005 and 2013, minus a dip in January 2011.
The survey noted that Westpac and NAB's decline was the greatest for their home loan customers, while CBA and ANZ recorded their declines split equally between home-loan and non-home loan customers. The customer home loan satisfaction at NAB is now 5.6 percentage points below that of their other customers, the biggest gap for the majors.
Survey respondents noted that fees and charges, poor services, lack of empathy, and branch issues were among their reasons for recording a lower level of satisfaction, with many reporting that their banks did not reward loyalty, offer incentives for being a long-term client, or look after older customers as much as newer ones.
Outside the big four, Teachers Mutual remained the most popular bank, with a 94.1 per cent satisfaction rate.
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