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Bank satisfaction at all-time high

by Staff Reporter8 minute read
The Adviser

Customer satisfaction with consumer banking is at a record high, according to new research released by Roy Morgan.

The satisfaction level of the banks' personal customers reached 81.5 per cent in December 2013, a marginal increase of 0.2 per cent from November's figure, to sit at the highest level since Roy Morgan began its survey 18 years ago.

The increase was driven by home loan customers and is a result of the lower interest rate environment.

Norman Morris, industry communications director at Roy Morgan Research, said it was the banks’ reaction to Reserve Bank cuts that is more important to consumers than the cuts themselves.


“Even though both term deposit and home loan customers are not likely to blame banks for movement in the cash rate by the RBA, they have voiced much dissatisfaction in the past if they consider they haven’t got a fair deal from their bank when moves occur,” Mr Morris said.

“We have seen this in the past with home loan customers, where customer satisfaction has been impacted adversely for a considerable time following what they consider as unfair movements in home loan rates compared to the changes in the official cash rate.”

In the six months to December 2013, CBA maintained its ranking as top of the big four banks, with an 81.8 per cent satisfaction level, followed by NAB with 80.0 per cent, Westpac with 78.8 per cent and ANZ with 77.7 per cent.

NAB was the biggest improver, with satisfaction moving up by 0.6 per cent, followed by ANZ, up 0.5 per cent.

Westpac customer satisfaction levels fell by 0.2 per cent, while CBA was down 0.1 per cent.

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