In May 2013, consumers’ satisfaction with the Big Four Banks increased to a seventeen year high of 79.0%, up from 76.2% in May 2012. This improvement of 2.8% points was largely due to a 4.3% point increase in the satisfaction level of the big four’s home loan customers as a result of five decreases in the cash rate by the RBA over the last year. These are the latest findings from the Roy Morgan Research Consumer Banking in Australia Customer Satisfaction
Report for May 2013.
Over the last 12 months, the ANZ, NAB and Westpac had bigger increases in satisfaction levels of their mortgage customers compared to their non-mortgage customers. Westpac’s mortgage customer satisfaction increased by 7.1% points, the ANZ by 5.0% points and the NAB by 4.0% points. CBA’s mortgage customer satisfaction increased by 2.3% points but this was below the increase of 3.1% points seen by other customers. All of the Big Four’s mortgage customers satisfaction remains below the level of other customers but the gap is closing.
In May 2013, the CBA continued to lead the Big Four in customer satisfaction with 80.3% (down 0.2% points from April), followed by the NAB 78.7% (down 0.6% points), the ANZ 78.6% (up 1.0% points) and Westpac 77.0% (up 0.3% points).
It is worth noting that while the Big Four are battling for first place among their peers, that sixteen other smaller banks all have higher satisfaction levels than the best of the Big Four. The average satisfaction level for all of the banks outside the Big Four in May 2013 was 85.0% compared to 79.0% for the Big Four.
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