Monday, October 14th, 2013
The Mutual Banking Sector, which is made up of Building Societies, Credit Unions and Mutual Banks has consistently reported much higher satisfaction among their customers compared to the Big 4 banks. Despite having higher satisfaction, more than half of their customers’ dollars are held at other institutions. These figures are based on the latest findings from the Roy Morgan Consumer Single Source Survey.

In the 6 months to August 2013, 89.2% of Total Mutual Sector customers were satisfied with their institution, clearly higher than all major banks. Among the Big 4 banks, CBA leads with 81.1% of its customers satisfied, followed by NAB at 79.1%, Westpac at 78.7% and ANZ at 78.0%.


Over the past few years, financial institutions have consistently increased their level of satisfaction among their customers, which is beneficial for both parties.

Despite the lead in satisfaction by the Mutual Sector, the Big 4 banks have been more successful than their Mutual competitors at capturing their customers’ dollars. Overall, the CBA holds 59% of their customers’ dollars, with 41% held at other institutions. ANZ and NAB rank equal second, both capturing 53% of their customers’ dollars, followed by Westpac at 50%. The Total Mutual Sector captures less than half (44%) of all dollars held by their customers.


In summary, despite higher satisfaction scores, the Mutual Sector has not been as successful as their commercial competitors at capturing their customers’ dollars. The majority (56%) of dollars held by the customers of the Mutual Sector are held at other institutions.

Steve Laue, General Manager, Financial Services, Roy Morgan Research says:

“A good customer satisfaction score can help to increase customer share, retention, loyalty and advocacy but as seen above it does not always translate into capturing customer dollars.

“Customers are ever increasingly looking for institutions that can provide banking services as per their needs and requirements.  With a wide range of choices available for consumers in today’s market, financial institutions need to understand and profile their customers to better meet their individual banking needs.

“The Mutual Sector has a big advantage in terms of customer satisfaction over the Big 4 banks. The challenge for them is to try and capitalise on this advantage in order to gain an increased share of dollars from its customers. It will be interesting to see how the Mutual Sector tries to increase their customers’ real loyalty as measured by share of wallet.”

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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.
Shaun Ellis
P: 03 9224 5332


mutual banking sector, building societies, credit unions, customer satisfaction




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