Satisfaction with big four up in April
Satisfaction with the big four banks was 80.1 per cent and was well above the long-term average of 74.9 per cent in the six months to April thanks to the overall improvement and small gains from both home-loan and non-home loan customers, according to the latest data from Roy Morgan Research.
However, satisfaction among home-loan customers of the big four, which stood at 78 per cent, was still below of the satisfaction levels of their other customers (80.5 per cent).
The Commonwealth Bank (CBA) was the best overall performer, with a satisfaction level of 81.4 per cent, followed by National Australia Bank (NAB) (80.2 per cent), ANZ (78.7 per cent) and Westpac (78.1 per cent).
At the same time, Westpac was the biggest improver among the big four in April alone.
Across the category of the main financial institutions (MFI), which accounted for around 70 per cent of the big four banks’ customers, NAB had taken a very narrow lead with 83 per cent, compared to the CBA (82.9 per cent) which had been the leader in MFI satisfaction since June, 2015.
As far as mortgage customers satisfaction was concerned, it improved marginally from 77.7 per cent to 78 per cent, counting year-on-year, however mortgage customers still had lower satisfaction than non-mortgage customers.
Roy Morgan Research, Industry Communications Director, Norman Morris, said: “Roy Morgan data shows that customer satisfaction with the big four banks remains well above their long term average and after trending up strongly for more than a decade, for the last two years it has plateaued rather than showing any real signs of declining.
“It is important to understand the longer-term satisfaction trends because it is very easy to get diverted by the many short term issues that generally have been seen to have little lasting impact.”
AUTHOR
Oksana Patron
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
