Big Four hit hardest in satisfaction ratings
The Royal Commission has unsurprisingly hit consumers’ satisfaction with the banks, with Roy Morgan finding that bank customer satisfaction declined from 81.2 per cent in the six months to January 2018, before the Commission, to 78.5 per cent in the six months to this September.
The Big Four were hit hardest in this drop, as shown below, losing 3.6 percentage points compared to an overall decline of only 0.7 per cent for the other banks.
The data from Roy Morgan showed that Bendigo Bank had the highest satisfaction, at 88.8 per cent, followed by ING with 88 per cent and Bank of Queensland with 87.2 per cent.
“Given the continuing barrage of negative publicity from the Royal Commission, mainly focused on the big four, it is not surprising that satisfaction with them has shown the greatest decline this year,” Roy Morgan industry communications director, Norman Morris, said.
“What needs to be noted, however, is that contrary to all the negative reporting on banks, the clear majority of their customers are satisfied with them and that only around six per cent claim to be dissatisfied.”
It’s worth noting that satisfaction with the banks in general was still well above the long-term average. In 2001, satisfaction was at just 58.7 per cent.
AUTHOR
Hannah Wootton
Recommended for you
The financial advice industry has enjoyed another week of strong new entrant numbers, totalling nearly 40 for the past fortnight, thanks to the latest exam passes.
Momentum Media’s wealth publishing network – comprising InvestorDaily, ifa, SMSF Adviser, Money Management, and Super Review – is proud to launch the annual Australian Wealth Management Awards.
Investment information firm Equity Story has signed a binding heads of agreement to acquire South Australian financial advisory and stockbroker Baker Young for $4.2 million.
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
