High satisfaction levels for Big Four
Despite the continual high profile negative publicity about the Big Four banks from media and politicians, the Commonwealth Bank (CBA) retains a clear lead among the big four with 81.4 per cent in terms of satisfaction, according to a survey.
Roy Morgan's Single Source survey found ANZ followed at 79.9 per cent, NAB at 77.9 per cent, and Westpac at 77.6 per cent in August.
While satisfaction with the Big Four remained unchanged in August at 79.7 per cent, their home-loan customer satisfaction dropped 0.9 per cent to 75.9 per cent.
Non-home loan customer satisfaction was up 0.2 per cent to 80.6 per cent. ANZ was the only Big Four bank that showed an improvement in overall satisfaction, up 0.3 per cent. ANZ's non-home loan customer satisfaction was up 0.6 per cent to 80.6 per cent, while their home-loan customers declined by 1.1 per cent to 78.5 per cent.
CBA's home-loan customer satisfaction dropped one per cent to 75.9 per cent, and Westpac 1.5 per cent. NAB was the only Big Four bank to show an increase in this segment with an increase of 0.2 per cent.
Roy Morgan Research industry communications director, Norman Morris, said: "Despite the continual high profile negative publicity about banks from the media and politicians, focused primarily on the Big Four, their customer satisfaction remains at historically very high levels".
"It appears that one of the major negative influences currently affective customer satisfaction across the Big Four is that, despite historically low home loan rates, their home-loan customers all have lower satisfaction levels that other customers," Morris said.
"This is somewhat surprising considering that their home-loan customers have generally benefited by declining interest rates whereas other customer have generally been disadvantaged by declines in deposit rates."
Morris said a potential reason for the lower home-loan customer satisfaction was the very high levels of adverse publicity that the Big Four attract when they do not pass on the full interest rate reductions announced by the Reserve Bank of Australia.
"On the positive side, it appears that bank customers are moving over the online banking and are giving these newer channels generally much higher satisfaction scores than for branches," he said.
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.
