CBA customers still most satisfied despite scandal
Despite the Commonwealth Bank’s (CBA) financial planning woes, further research has confirmed that its customer satisfaction remains the highest of the Big Four banks.
The Roy Morgan Single Source Survey, which surveys over 50,000 consumers each year, found that customer satisfaction with the CBA was at 79.9 per cent in the six months to September 2017.
Despite a small decline of 0.3 per cent in August it was still the satisfaction leader amongst the Big Four.
In comparison, customer satisfaction levels were at 78.7 per cent for Westpac, 78.2 per cent for National Australia Bank, and 77.2 per cent for the Australian and New Zealand (ANZ) Banking Group.
The survey said this suggested that the recent financial planning misdeeds that plagued the CBA had little or no effect on its broader reputation amongst its customers. CBA has also led the Big Four in customer satisfaction since July 2015.
The survey also found that, in general, customers were more satisfied with mobile banking as compared to using physical branches.
Roy Morgan Research industry communications director, Norman Morris, believed that this may be led by dissatisfaction with branches of major banks. Although branches were still used, on average, by half the population each four weeks, satisfaction levels with Big Four branches were lower than new platforms.
“This is likely to be a contributing factor for the rapid rise in mobile banking and potentially a contributing factor to the high overall satisfaction levels,” he said.
The CBA was again the highest performing of the Big Four in this field, recording customer satisfaction of 93.5 per cent for mobile banking.
AUTHOR
Hannah Wootton
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
