Bank satisfaction declines 3% since Banking Royal Commission
In the six months to October, satisfaction with banks fell to 78 per cent from 78.5 per cent in September, with satisfaction declining a total of 3.2 per cent since the Banking Royal Commission began, new results from Roy Morgan show.
The results show that satisfaction with the big four banks prior to the Royal Commission was 79.2 per cent, and there’s been an overall decline in satisfaction for the big four of 4.2 per cent since January to 75 per cent.
The satisfaction rate among customers of banks other than the big four declined only one per cent over the same period, and they remain 8.9 per cent above the big four.
ING and Bendingo Bank are top for mortgage customers, with 94.8 per cent and 89.7 per cent satisfaction respectively. St George Bank follows with 81.5 per cent, Bankwest with 77.8 per cent and Suncorp Bank with 77.6 per cent.
Among home loan customers, the big four are well below their smaller bank rivals, with CBA and ANZ on 71.4 per cent, Westpac on 70.7 per cent and NAB on 70.3 per cent.
Industry communications director, Norman Morris, said it was surprising that even with historically low interest rates, home loan customers of the big four banks are less satisfied than other customers and well behind the satisfaction of the home loan customers of smaller banks.
“This remains a problem in the highly competitive home loan market as well as being a drag on their overall satisfaction and advocacy levels,” he said.
AUTHOR
Anastasia Santoreneos
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
