CBA continues to lead big banks in customer satisfaction
Despite a growing list of problems within the bank and its associated businesses, the Commonwealth Bank of Australia (CBA) is still holding its place ahead of National Australia Bank (NAB), Westpac, and ANZ as the bank with the highest amount of satisfied customers, according to research house, Roy Morgan.
Concerns over poor advice from Commonwealth Financial Planning, which saw the bank pay out $29 million in June, yesterday’s announcement from the Australian Securities and Investments Commission (ASIC) that offset insurance arm, CommInsure, would be fined $300,000 over misleading advertising, and the Australian Transaction Reports and Analysis Centre’s (AUSTRAC) continued investigations into more than 53,000 breaches of money laundering and counter-terrorism laws have yet to show a significant impact on customer sentiment.
Even with a more significant decline (-2.4 per cent) than was experienced last month, Roy Morgan figures showed CBA’s satisfaction ranking sat at seventh, with 79.6 per cent, ahead of NAB (78.3 per cent), Westpac (78.1 per cent) and ANZ (77.5 per cent).
“The small banks have much higher satisfaction with their home loan customers than do those with the big four. This remains a big challenge for the majors as they generally attract most of the negative publicity surrounding interest rate increases, profit announcements and customer problems,” said Roy Morgan industry communications director, Norman Morris.
“Satisfaction with banks was trending up strongly between 2001 and 2014 and over the last three years it has plateaued rather than showing any real signs of a decline.”
The larger banks which recorded the highest level of customer satisfaction were Bendigo Bank (88.1 per cent), Bank of Queensland (85.2 per cent), and ING (84.8 per cent), all of which still saw a slide in ratings since November.
The only bank in Roy Morgan’s top ten comparison that saw an increase in customer satisfaction this month was Westpac, up 1.4 per cent.
AUTHOR
Hope William-Smith
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
