Saturday, September 14th, 2013 - Roy Morgan Research
In November 2012, consumers’ satisfaction with the Big Four banks improved for the fifth consecutive month to 78.4% which is the highest score achieved since the series began in 1996 but their home loan customers’ satisfaction is only 72.4%.

In November 2012, consumers’ satisfaction with the Big Four banks improved for the fifth consecutive month to 78.4% which is the highest score achieved since the series began in 1996 but their home loan customers’ satisfaction is only 72.4%.

These are the latest findings from the Roy Morgan Research Consumer Banking in Australia Customer Satisfaction Report for November 2012.

Each of the Big Four banks improved their customer satisfaction rating in November, with ANZ up 0.6% points, CBA up 0.4% points, Westpac up 0.3% points, and NAB up 0.1% points. The ANZ improvement was due to their non home loan customers as their home loan customers’ satisfaction fell further in November to be the lowest of the Big Four Banks.

Although the NAB remains the leader among the big four, the CBA continued to close the gap to be only 1.0% points behind in November.

 

Satisfaction with the Big Four banks reaches new high but home loan customers not convinced

17/12/2012
In November 2012, consumers’ satisfaction with the Big Four banks improved for the fifth consecutive month to 78.4% which is the highest score achieved since the series began in 1996 but their home loan customers’ satisfaction is only 72.4%.
 
These are the latest findings from the Roy Morgan Research Consumer Banking in Australia Customer Satisfaction Report for November 2012. The Consumer Banking Customer Satisfaction ratings are higher for all banks than the Business Customer Satisfaction ratings for those banks.

Each of the Big Four banks improved their customer satisfaction rating in November, with ANZ up 0.6% points, CBA up 0.4% points, Westpac up 0.3% points, and NAB up 0.1% points. The ANZ improvement was due to their non home loan customers as their home loan customers’ satisfaction fell further in November to be the lowest of the Big Four Banks.

Although the NAB remains the leader among the big four, the CBA continued to close the gap to be only 1.0% points behind in November.


Consumer Banking Satisfaction


Source: Roy Morgan Research Consumer Banking Report, November 2012, Average 6 monthly sample for Big Four banks n = 18,514.

 

Over the last 12 months the best performer among the Big Four was the NAB which gained 3.2% points, closely followed by the CBA up 2.6% points. The only big four bank to show a reduction in customer satisfaction over the last 12 months was the ANZ (down 1.9% points) due mainly to a drop in satisfaction among their home loan customers following their announcement in January 2012 to make their timing of interest rate announcements independent of the RBA timing.

Despite the continued improvement by the Big Four banks (78.4% satisfied) they are still well behind the new Mutual Banks (91.6%), Building Societies (89.9%) and Credit Unions (89.0%).

Norman Morris, Industry Communications Director, Roy Morgan Research, says:

“The continued improvement in bank satisfaction by the big four banks has generally been interrupted by attempts from individual banks to justify why they move interest rates differently to the RBA. The most recent being from the ANZ in January which has been followed by discontent among their home loan customers. Prior to their announcement in January 2012, ANZ home loan customers had the highest level of satisfaction among home loan customers of the big four banks and they have currently fallen to last place.

“It is somewhat surprising that with five reductions in the official cash rate in the 12 months to November 2012 that home loan customers of the big four overall are less satisfied than they were a year ago. It would appear that the publicity being given to home loan rates not moving by as much as the official cash rate is causing considerable discontent regardless of attempts at justification by the banks.”

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Consumer Banking in Australia Customer Satisfaction Report for November 2012

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