Big Four maintain high satisfaction levels
The major four banks have hit an 18-year high in personal customer satisfaction levels, with the Commonwealth Bank reporting the highest proportion of customers in the ‘very satisfied' group.
These were the results of Roy Morgan Research's Customer Single Source survey which found that satisfaction levels hit 79.7 per cent for September, unchanged since August.
With a rating of 81.4 per cent, the Commonwealth Bank maintained its top spot among the big four, followed by Westpac (79.0 per cent), National Australia Bank (78.9 per cent) and ANZ (77.9 per cent).
Over the last 12 months, NAB was the only major bank to show a decline in satisfaction (down 1.4 percentage points) compared to ANZ (up 3.9 percentage points), Westpac (up 3.3 per cent) and CBA (up 2.9 percentage points).
These three majors' results that showed improved satisfaction levels were largely due to higher satisfaction among home loan customers welcoming reductions in home loan rates.
As was the case in the last few Roy Morgan reports, satisfaction with smaller banks tended to be considerably higher than with the major four, with Teacher's Mutual Bank (92.6 per cent), Victoria Teachers Mutual Bank (97.1 per cent), Bank of Melbourne (89.2 per cent) and ING Direct (89.0 per cent) among the better performers.
"This analysis shows that if greater attention is given to satisfying customers at all points of contact, there is a much greater likelihood of raising the level of satisfaction and increasing business," Roy Morgan industry communications director Norman Morris said.
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
