Aussies are happier about their banking options, study shows

Tuesday 18 September 2012

Article by Mozo

It appears that Australia's four major banks are getting things right, as a new study showed that levels of customer satisfaction are on the rise.

New figures compiled by Roy Morgan Research have indicated that 76.7 per cent of survey respondents were content with the services being provided by the Commonwealth Bank, ANZ, National Australia Bank (NAB) and Westpac in August.

This represented a 0.6 per cent improvement on the previous month, which banking chiefs will no doubt find very encouraging.

NAB was the best performer during the month, as its satisfaction score rose by 1.3 per cent to 79.8 per cent.

ANZ benefited from a 0.8 per cent upturn, while an extra 0.9 per cent of people who hold bank accounts with Westpac were said to be happy with their situation.

Meanwhile, the Commonwealth Bank recorded a 0.2 per cent rise during the month.

Previous studies had suggested that Aussies were becoming increasingly disillusioned with the "big four" banks, so this latest report will come as a surprise to a lot of financial experts.

The main reason for the souring relationship between Australia's banks and their customers was inconsistencies over interest rates.

Although the Reserve Bank of Australia slashed the national cash rate from 4.75 per cent to 3.5 per cent between November 2011 and June 2012, some lenders decided not to follow suit.

Understandably, this did not go down at all well with mortgage holders and personal loan customers.

Despite the notable improvement highlighted in the new Roy Morgan report, it seems the banks still have a lot of work to do if they want to boost the relationship with their business customers.

"Our survey shows that the banks are generally all rated very poorly by businesses on their ability to maintain regular contact and show a real interest in their industry, this particularly applies to the micro business customers of all the major banks who consider that they focus on larger businesses," commented Roy Morgan's industry communications director Norman Morris.

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Aussies are happier about their banking options, study shows

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