Credit unions and building societies beat 'big four' in satisfaction survey
Despite the big four banks receiving lower customer satisfaction levels than credit unions and building societies, their customers have said they are unlikely to switch to another financial institution, according to a personal banking satisfaction survey of CHOICE members.
"If more people switched to a credit union or building society - which consistently scored much higher satisfaction scores - the big four might get the message and be encouraged to lift their game," CHOICE spokesman Christopher Zinn said.
More than 3,000 respondents rated their satisfaction with their institution's banking, home loans and credit cards. They also rated customer service, fees, ATM access, interest rates and bank locations.
Issues customers complained about included high fees, second-rate service and the reluctance to pass on full interest rate cuts to home loan borrowers.
Credit Union Australia and Teachers Credit Union scored equal first place for every-day banking, with an overall satisfaction rate of 84 per cent, followed by Bendigo Bank on 82 per cent.
ANZ was the highest of the big four on 66 per cent for every-day banking, followed by equal scores of 64 per cent for the Commonwealth Bank (CBA) and Westpac, while National Australia Bank (NAB) received the lowest satisfaction rating from their customers.
ME Bank, ING Direct and Bankwest topped the list for home loan arrangements, while CBA, Westpac and NAB customers were the least satisfied.
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