Thursday, July 23rd, 2015 - Roy Morgan Research

The satisfaction level of personal banking customers of the big four banks in the 6 months to June 2015 was 81.4%, which was up 0.6% points from June 2014 (80.8%). The improvement was a result of a big increase in the satisfaction of their home loan customers (up 3.2% points). This compares to other customers who showed no change and remained on 81.6%. These are the latest findings from Roy Morgan’s Single Source survey of over 50,000 people pa.

NAB gets top satisfaction spot overall among the big four:

Competition among the big four banks for top ranking remains close, with the NAB achieving top position for overall satisfaction (82.6%) for the first time since December 2012. In terms of MFI (Main Financial Institution) customer rankings, CBA regained top position with 84.2%, closely followed by NAB (84.1%), Westpac (83.2%) and ANZ (81.5%).

Despite the improvement in satisfaction by the big four over the last 12 months (up 0.6% points to 81.4%) the other banks have retained their big lead, as they also increased their customer satisfaction by 0.6% points to reach 86.0%. Teachers Mutual Bank remained the best performing bank overall with 95.1% of customers satisfied.

Consumer banking satisfaction:

Source: Roy Morgan Research Consumer Banking Satisfaction Report, June 2015, average 6-month sample n=25,628.

Among the big four, NAB was the most-improved over the last 12 months (up 2.2% points), followed by Westpac (up 0.8% points) and CBA (up 0.3% points), while the ANZ was down by 0.2% points.

The current level of satisfaction for total banks is 82.8% which remains very close to the twenty-year high of 82.9%.

Big four housing loan customers drive satisfaction gains over last 12 months:

The satisfaction levels of the home loan customers of each of the big four improved over the last 12 months, with the NAB the best performer up 7.2% points to 81.8%, followed by Westpac (up 4.2% points ), ANZ (up 1.9% points) and CBA ( up 1.2% points ).

Home loan customer satisfaction* - big four banks:

*Very or Fairly Satisfied. Source: Roy Morgan Single Source, January 2014 - June 2014 (n=3,606),  January 2015 - June 2015 (n=3,591)

By contrast to the satisfaction gains seen from home loan customers, not all of these banks showed an improvement in performance among their non-home loan customers. Only NAB (up 0.7% points) and CBA (up 0.1%) showed any improvement over the last 12 months. Westpac showed no change and ANZ was down by 0.9% points.

Overall, the improvement in home loan customer satisfaction among the big four of 3.2% points was responsible for the 0.6% point gain in overall satisfaction as the non-home loan segment remained unchanged.

Norman Morris, Industry Communications Director, Roy Morgan Research says:

“The decline in home loan interest rates over the last twelve 12 months appears to have resulted in improved customer satisfaction levels among home loan customers of the big four banks, which in turn has driven up overall satisfaction.

“Another positive contributing factor to the improvement in bank satisfaction over recent years is the flexibility now being offered  by all the major banks in how customers can deal with them ie. channel selection. With mobile and internet banking now being more popular than other channels, combined with the fact that satisfaction levels with them is also higher, this combination is a likely contributor to overall satisfaction gains.

“Although the focus by a number of banks is on the satisfaction level of their MFI customers, it is worth keeping in mind that non-MFI customers generally make up around 20% to 30% of most banks’ personal customers and as such represent a major cross sell and retention opportunity. This group has much lower satisfaction levels than MFI customers across the big four banks and so it may be worth  looking at improving their satisfaction levels as the return on doing so may be greater in the long run than continuing to push up MFI  satisfaction to new record highs. It is worth noting that among the big four, the NAB clearly has the highest satisfaction level among non-MFI customers which should make them closer to being able to being converted to MFI status.”

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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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