Wednesday, May 2nd, 2012
Satisfaction with the big four banks dropped again in March, down 0.4% points to 76.9%. This follows the drop seen in February of 0.5% points which was the first decline since March 2011. These are the latest findings from the Roy Morgan Research Consumer Satisfaction Banking Report.
Over the last two months satisfaction with the big four has now declined by 0.9% points but the NAB has dropped 1.7% points to 77.5% and is now only just ahead of the ANZ who are on 77.4%. Satisfaction with the ANZ declined over the last two months by 1.2% points, Westpac lost 0.8% points and CBA down 0.6% points.

The main reason for the decline in customer satisfaction over the last two months was the out of cycle home loan increase in February initiated by the ANZ and followed up by the other major banks. Over this period the satisfaction among ANZ home loan customers declined by 3.4% points, Westpac home loan customer satisfaction went down by 1.9% points, NAB home loan customers fell 1.3% points and CBA down 0.8% points.

Consumer Banking Satisfaction

Source: Roy Morgan Research Consumer Banking Survey, June 1196 –Mar 2012, Average 6 monthly sample, n = 27 400.

Over the last 12 months all of the big four banks have shown an increase in satisfaction , lead by the NAB up 5.8% points due largely to an improvement among their non home loan customers ( up 6.7% points). The CBA is up 5.3% points over the year mainly due to an improvement in their home loan customer satisfaction (up 9.0% points); they were followed by the ANZ (up 3.0 % points) and Westpac (up 1.7% points).

Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“While a great deal of focus is on which of the big four holds top place in customer satisfaction, they are all well behind their smaller competitors. The newly created ‘mutual banks’ have an overall satisfaction level of 85.1% ( compared to the big four with 76.9%), ING direct is on 89.8%, Bendigo Bank 89.4%, ME Bank 86.4%, Building Societies 91.1% and Credit Unions 88.7%. It will be interesting to see if the superior performance by the smaller players can be translated into market share gains.

“Despite the rather lacklustre performance of the big four over recent times, their personal customers still have much higher satisfaction levels than their business customers who lag well behind with an average satisfaction level of only 64.9%, with Westpac being the best on 67.4%. With over two million businesses bank customers across Australia this poor performance must be having a negative impact on the personal customer satisfaction levels of the major banks.”
The latest detailed Roy Morgan ‘Consumer Satisfaction – Consumer Banking Reports in Australia’ includes all major banks, building societies and credit unions. The report monitors short and long term trends for overall customer satisfaction based on customers with at least a deposit/transaction account relationship with the institution, as well as Main Financial Institution satisfaction data.

Contact Profile

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.
Shaun Ellis
P: 03 9224 5332


banking, interest rates



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