The main reason for the decline in customer satisfaction over the last two months was the out of cycle home loan increase in February initiated by the ANZ and followed up by the other major banks. Over this period the satisfaction among ANZ home loan customers declined by 3.4% points, Westpac home loan customer satisfaction went down by 1.9% points, NAB home loan customers fell 1.3% points and CBA down 0.8% points.
Consumer Banking Satisfaction
Source: Roy Morgan Research Consumer Banking Survey, June 1196 –Mar 2012, Average 6 monthly sample, n = 27 400.
Over the last 12 months all of the big four banks have shown an increase in satisfaction , lead by the NAB up 5.8% points due largely to an improvement among their non home loan customers ( up 6.7% points). The CBA is up 5.3% points over the year mainly due to an improvement in their home loan customer satisfaction (up 9.0% points); they were followed by the ANZ (up 3.0 % points) and Westpac (up 1.7% points).
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“Despite the rather lacklustre performance of the big four over recent times, their personal customers still have much higher satisfaction levels than their business customers who lag well behind with an average satisfaction level of only 64.9%, with Westpac being the best on 67.4%. With over two million businesses bank customers across Australia this poor performance must be having a negative impact on the personal customer satisfaction levels of the major banks.”
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