Satisfaction with banking channels is highest amongst those who conduct internet banking using their institution’s website. Commonwealth Bank achieved the highest level of satisfaction with internet banking among the big four banks according to the March 2014 Roy Morgan Research Finance Single Source survey.
At 94%, Commonwealth Bank leads the big four banks in internet banking satisfaction followed by ANZ, NAB & Westpac, all on 90%. Banks such as Heritage, St George and Bankwest who traditionally differentiate themselves on service achieved better results than the average of the big four banks but did not rate higher than the Commonwealth Bank.
Satisfaction with Services used in the last four weeks
Source: Roy Morgan Single Source (Australia) October 2013 - March 2014; n = 23,150
Looking at the way bank customers engage via specific touch points, there are major differences in the level of satisfaction depending on the channel used. Bank customers tend to be more satisfied with internet banking (either through the bank’s website or application on a mobile phone or tablet) and branch banking and less satisfied with both automated and personal telephone banking service.
Norman Morris, Industry Communications Director, Roy Morgan Research says:
“With bank customers generally being more satisfied with the channel they use than their overall relationship with their bank, this indicates that other areas are in need of improvement if overall satisfaction is to be improved.
“We know from our research that there are many other areas that impact overall bank customer satisfaction, these include interest rates, fees and charges, products, reputation etc. The challenge for each bank is to understand what those other drivers of satisfaction are and how to improve them.”
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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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