Monday, November 25th, 2013

The satisfaction level of the personal customers of banks reached 81.2% in October, unchanged from September and equivalent to the highest level reached in the 18 years of this survey.  The Big Four banks scored 79.6% satisfaction and have been closing the gap to the smaller banks over the last two years. In 2011 the Big Four were 9.0% points below the satisfaction level of the smaller banks and this has now closed to be only 5% behind.  These are the latest findings from the Roy Morgan Research Consumer Single Source survey of over 50,000 people per annum.

In the six months to October 2013 the CBA maintained its top ranking of the Big Four with 81.3% satisfaction, followed by Westpac (79.4%), NAB (78.2%) and ANZ (77.5%).

The rankings were considerably different 12 months ago (October 2012) when the NAB was the clear leader on 80.4%, followed by the CBA (79.1%), Westpac (76.8%) and the ANZ (75.1%).

Consumer Banking Satisfaction

 Roy Morgan Research Consumer Banking Satisfaction Report, October 2013; Average 6 monthly sample for Big Four banks (n = 18, 359).

Over the last 12 months the NAB was the only major bank to show a decline in satisfaction (down 2.2% points) compared to Westpac (up 2.6% points), ANZ (up 2.4% points) and the CBA (up 2.2% points).  The three banks that showed improved satisfaction were largely as a result of their home loan customers increasing their satisfaction on the back of the reductions in home loan rates.  The NAB home loan customers did not show the same improved satisfaction (up 2.8% points) compared to Westpac (up 7.5% points), the ANZ (up 6.6% points) and CBA (up 4.4% points).

The following chart shows the strong gains made in satisfaction over the last 12 months by the home loan customers of the four major banks relative to non-home loan customers.  In the case of Westpac their home loan customers now have higher satisfaction than their non-home loan customers. 

Satisfaction of Mortgage and Non-Mortgage Customers

 Roy Morgan Research; May 2012 - October 2012; 6 month sample for Big Four banks n = 18, 181.
 Roy Morgan Research, May 2013 - October 2013; 6 month sample for Big Four banks n = 17, 258.

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

“The eight interest rate reductions in home loans over the last two years are now having a very positive impact on the satisfaction of home loan customers.  But as would be expected they don’t appear to be having a positive impact on deposit customers.  The end result has been a significant closing of the gap in satisfaction over the last 12 months between home loan customers and non-home loan customers.


“We have also seen that how people deal with their bank is having an impact on satisfaction scores.  The increased use of internet banking, for example, is likely to have contributed to increased satisfaction overall because customer satisfaction with this channel now exceeds their satisfaction with branches.

“It is worth noting that the customers of all four of the major banks who used internet banking were more satisfied with that channel than those who used a branch.  This is obviously having a very positive impact on the improvements seen in customer satisfaction because customers who are ‘very satisfied’ with using the internet have a satisfaction rating of around 90%; much higher than the average satisfaction rating which is approximately 80%.


“This analysis shows that the performance of a bank at the channel level is obviously a major driver of overall customer satisfaction.”

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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


banking, big four, banking satisfaction, anz, nab, commonwealth, westpac




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