NAB named most distrusted bank in Australia
While most industry bodies are claiming the banks were let off lightly by the Royal Commission, National Australia Bank may think otherwise as Roy Morgan’s latest survey reveals it is now the most distrusted bank brand in Australia, suffering a doubling of distrust year on year.
The research firm conducted a survey in January before the release of Hayne’s report, which actually revealed the Commonwealth Bank of Australia had the highest level of distrust.
When the survey was re-conducted in February in the week following the report’s release, NAB had the highest level of distrust, with 53.7 per cent of respondents citing distrust as opposed to 36.9 per cent in January.
The bank’s level of trust unsurprisingly plummeted from 18.5 per cent to 11.5 per cent, also producing the banking sector’s worst Net Trust Score at -42.2 per cent, with the other three major banks sitting around minus 20.
“This is the highest level of distrust we have ever seen for a bank brand in Australia,” said Roy Morgan chief executive officer, Michele Levine.
Levine said it was a startling result, and called on company directors of banks to rebuild trust in the industry.
“These directors on the boards of banks need truly independent reporting over time of their brand’s trust – and more critically, their distrust,” she said. “Rather than taking solace in the relatively strong levels of satisfaction that the banks still enjoy among their main customers, company directors need to explore the dangerous underbelly of distrust.”
AUTHOR
Anastasia Santoreneos
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
