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."
We have delivered this press release via the Newsmaker media distribution service. If you would like to browse our extensive archive of detailed research findings please visit our website. To stay up-to-date with all our latest research findings you may also join our free weekly newsletter.
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.
P: +61 3 9224 5209