There were some repeat winners and some first-time victories in the Banking and Finance categories awarded at the Annual Roy Morgan Customer Satisfaction Awards last night.
Just as it did in 2013, the Commonwealth Bank blitzed its Big Four rivals throughout 2014. Having won 11 of the year’s monthly satisfaction awards, the CBA’s triumph in the Major Bank of the Year category was richly deserved.
While customer satisfaction with the Big Four banks hit record levels in 2014, the other, smaller banks achieved even higher satisfaction levels. In this crowded and hotly contested category, locally owned Western Australian bank P&N Bank scored its first Bank of the Year Award.
Maintaining its stranglehold on the Business Bank of the Year Award, which it has won every year since the Customer Satisfaction Awards began, Bendigo Bank proved yet again that it really does mean business.
Complete list of Banking and Finance winners:
- Bank of the Year P&N Bank
- Building Society of the Year Greater Building Society
- Credit Union of the Year People’s Choice Credit Union
- General Insurer of the Year Defence Service Homes Insurance
- Major Bank of the Year Commonwealth Bank
- Private Health Insurer of the Year CBHS
- Risk & Life Insurer of the Year Insuranceline
- Business Bank of the Year Bendigo Bank
- Business Insurer of the Year NRMA
- Business Superannuation Manager of the Year REST Super
- Major Business Bank of the Year Westpac
- Industry Superannuation Fund of the Year ESSSuper
- Retail Superannuation Fund of the Year Plum
Michele Levine, CEO, Roy Morgan Research, says:
“Over the past year, consumer and business banking satisfaction have increased steadily. In this competitive environment, where consumers are quite willing to switch banks if they think they can do better elsewhere, banks are rising to the challenge of meeting their customers’ needs.
“Of course, the fact that interest rates are at a historic low certainly doesn’t hurt general banking satisfaction levels!
“Other segments of the finance industry also performed well last year, maintaining a strong focus on customer satisfaction which was embodied by last night’s Award-winners.
“The industry standard in the banking industry for many years, Roy Morgan Customer Satisfaction is now being adopted by the other finance sectors as a key performance measure. This can only mean one thing: Australians can look forward to even better service from their financial institutions as a result...”
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.