Satisfaction with big four up in April

30 May 2017
| By Oksana Patron |
image
image
expand image

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.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

17 hours 59 minutes ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 3 days ago