Banks see first marginal improvement in customer satisfaction
It seems the scars of the Banking Royal Commission may have already faded a little, with bank customer satisfaction seeing its first marginal improvement since the debacle began in January last year, according to Roy Morgan’s latest survey.
The survey recorded customer satisfaction was at 78.1 per cent in November, up from 78 per cent in October, and while it’s a decline of 3.1 percentage points from January 2018, it’s the first positive move since the Royal Commission began.
Satisfaction also remains above the long-term average of 74.3 per cent, and well up on the 58.7 per cent recorded in January 2001.
Despite dissatisfaction with banks remaining low, indifference seems to be a growing problem, with only 5.6 per cent of customers dissatisfied with their banks compared to 16.3 per cent who are indifferent to their relationship with their bank.
The figures show that the combination of both dissatisfied and indifferent customers means that around one in five (21.9 per cent) customers pose a potential threat to customer retention.
Consistent top performers during the Royal Commission, ING and Bendigo Bank, have again seen an increase in customer satisfaction with 88.8 per cent and 88.5 per cent respectively, up 3.6 percentage points and 0.1 percentage points respectively on January last year.
Contrastingly, Westpac took the biggest hit, dropping 5.5 percentage points, followed by NAB and Bankwest, which both dropped 4.5 percentage points.
ANZ followed closely with a drop of 4.3 percentage points, but Commonwealth Bank of Australia remained top of the big four with 76.7 per cent.
Norman Morris, Roy Morgan’s industry communications director, said the scheduled release of the Banking Royal Commission report in February would be a major challenge for banks to maintain satisfaction levels.
AUTHOR
Anastasia Santoreneos
Recommended for you
While returns and fees are the top priority for older Australians when it comes to their superannuation, more than one in 10 are calling for access to tailored financial advice.
Determinations by the FSCP since the start of 2025 are almost double the number in the same period of 2024, with non-concessional contribution cap errors and incorrect advice among the issues.
Whether received via human or digital means, financial advice is reportedly leading to lower stress and more confidence, according to Vanguard.
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
