More than half of Australians have experienced “bank rage” toward their financial institution, according to new research commissioned by Heritage Bank.
The research found that 53 per cent of respondents - equivalent to around 9.1million Australians – have suffered from bank rage in the past.
Around twice as many big four bank customers (59 per cent) have felt anger and frustration, compared to those with a mutual bank, credit union or building society (31 per cent).
The survey, conducted by Colmar Brunton research, asked 1,000 Australians which companies they felt the most frustration towards. Not surprisingly, telecommunications companies, major banks and government agencies were at the top of the list.
In addition, the survey found 22 per cent of Australians would be keen to switch financial institutions but believe the process is too hard.
“Our research shows there is a groundswell of anger and frustration out there about the excesses of the big banks, directed at things like massive profits, unfair fees and poor service,” Heritage Bank’s chief executive John Minz said.
“But you don’t have to be trapped by the big banks and keep suffering bank rage.
“There are alternatives out there such as Heritage Bank that offer a customer-focussed approach, a wide range of banking products and services, and that have a far better record at keeping their customers satisfied.”