Although not always the most popular or exciting category with consumers, banking, insurance and superannuation showed some very positive results in 2013. Roy Morgan Customer Satisfaction, measured on a monthly basis, has become a key metric that all Big Four banks report in their annual results.
During 2013, the CBA was the clear winner among the major banks (Big Four), winning in every month and reaching the highest of any major bank over the last 17 years. (While the Customer Satisfaction Awards are only in their third year, Roy Morgan Research has been measuring banking satisfaction since 1996).
Although the Big Four banks achieved record high levels of satisfaction in 2013, they still remained well behind the majority of their smaller competitors, particularly the overall winner of the Bank of the Year, the Victorian Teachers Mutual Bank.
For business banking, Westpac performed the best of the Majors, winning top place for 11 months during the year. Bendigo Bank, however, scored the highest overall.
Complete list of Banking & Finance winners:
- Bank of the Year Victoria Teachers Mutual Bank
- Building Society of the Year Greater Building Society
- Credit Union of the Year CUA
- General Insurer of the Year Defence Service Homes Insurance (DVA)
- Major Bank of the Year Commonwealth Bank
- Private Health Insurer of the Year Teachers Health Fund
- Risk & Life Insurer of the Year Real Insurance
- Business Bank of the Year Bendigo Bank
- Business Insurer of the Year Elders
- Business Superannuation Manager of the Year BT
- Major Business Bank of the Year Westpac
- Industry Superannuation Fund of the Year Catholic Super
- Retail Superannuation Fund of the Year Plum
Michele Levine, CEO, Roy Morgan Research, says:
“The major Australian banks were showing a severe downward trend in customer satisfaction through to 2001 but since that date they have all improved to record levels as they recognised the importance of increasing their customer focus in a highly competitive market where dissatisfied consumers are prepared to switch banks.
“Although most publicity is given to how the Big Four banks perform relative to each other, there are many smaller players who are still setting the pace when it comes to customer satisfaction levels.
“Other segments of the industry, like Managed Funds and Insurance, have increased their focus on customer satisfaction and how they rate relative to their competitors.
“Roy Morgan Customer Satisfaction, the industry standard in the banking industry for many years, is now being adopted by the other sectors as a key performance measure."
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Roy Morgan Research
Roy Morgan Research is Australia’s best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
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