Monday, May 28th, 2012 - Roy Morgan Research
Consumers’ satisfaction with the big four banks dropped again in April, down 0.4% points to 76.5%. This follows declines in March (-0.4% points) and February (-0.5% points) and brings the loss by the big four over the last three months to 1.3% points. These are the latest findings from the Roy Morgan Research ‘Customer Satisfaction - Consumer Banking in Australia’ monthly report for April 2012.
The biggest drop in customer satisfaction over the last three months among the big four was experienced by the ANZ (-3.1% points), followed by the NAB (-1.5% points), Westpac (-1.3% points) and CBA (-0.4% points). The main reason for the large drop in satisfaction by the ANZ over the last three months was the out of cycle home loan increase in February which was followed by the other major banks. In this period the satisfaction of ANZ home loan customers declined by 5.6% points but there was also a decline of 2.4% points among their non home loan customers. The satisfaction of Westpac home loan customers over this period declined by 3.3% points, CBA home loan customer’s satisfaction dropped by 1.0% point, and the NAB actually increased by 0.4% points.

Consumer Banking Satisfaction

Source: Roy Morgan Research Consumer Banking Satisfaction Report, April 2012, average 6 monthly sample for big four banks. n = 17,900.

Over the last 12 months all of the big four have shown an increase in satisfaction, led by the NAB which rose 5.8% points due largely to an improvement among their non home loan customers (up 6.6% points). The CBA is up 5.7% points over the year due to a big improvement among both home loan customers (up 9.4% points) and non home loan customers (up 5.0% points). They were followed by Westpac (up 1.1% points) and ANZ (up 0.3%). The NAB remains on top in terms of satisfaction among the big four with a level of 77.7% but the CBA has now moved into second place on 77.2% and are followed by ANZ (75.5%) and Westpac (75.0%).

Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“While a great deal of focus is on which of the big four holds top place in customer satisfaction, they are all well behind their smaller competitors, with Building Societies on 90.9%, Credit Unions 89.0%, Mutual Banks 85.1% and Foreign Banks 85.1%.

“Despite this relatively poor performance of the big four among their personal banking customers, the level of satisfaction among their business customers lags well behind with an average in April of only 64.1% (compared to 76.5% for personal customers). When it is taken into account that the majority of businesses in Australia are very small, the finances of the owners are generally going to be linked to their personal banking and as a result a low satisfaction score among the 2 million business customers is likely to be a drag on consumer banking satisfaction.”

The latest detailed Roy Morgan ‘Consumer Satisfaction – Consumer Banking Report in Australia’ brands include all major banks, building societies and credit unions.

In the latest detailed Roy Morgan ‘Business Satisfaction – Business Banking Report in Australia’ , brands include ANZ, Bank of Queensland, Bankwest, Bendigo Bank, Citibank, Commonwealth Bank, Macquarie Bank, National Australia Bank, St George Bank, Suncorp and Westpac.

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Roy Morgan Research

Roy Morgan Research is the largest independent Australian research company, with offices in each state of Australia, as well as in New Zealand, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan Research has over 70 years’ experience in collecting objective, independent information on consumers.

In Australia, Roy Morgan Research is considered to be the authoritative source of information on financial behaviour, readership, voting intentions and consumer confidence. Roy Morgan Research is a specialist in recontact customised surveys which provide invaluable and effective qualitative and quantitative information regarding customers and target markets.
Alex Dalidakis
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