Commonwealth Bank and Westpac go head to head for customer satisfaction

Rebeccah Elley

Wednesday 27 August 2014

Over July competition for the top spot in customer satisfaction among the Big Four banks heated up with CBA claiming the crown with only a slight 1.3% point lead over Westpac, according to Roy Morgan research.

Commonwealth Bank and Westpac go head to head for customer satisfaction

Overall bank customer satisfaction remained high at 82.1% but slightly down on June at 82.2%. Westpac has seen the biggest growth amongst the big banks in personal customer satisfaction up 1.6% points thanks to non-home loan customers, while CBA is down 1.1% with a dip in both home loan and non-home loan customer satisfaction. ANZ made gains in both home loan and non-home loan segments and the NAB lost ground among both groups.

Roy Morgan director Norman Morris said the gap between the best and the worst of the Big Four is beginning to close. “Competition among the big four banks has obviously succeeded in increasing satisfaction levels but has also resulted in bringing their satisfaction scores much closer together, resulting in less competitive advantage to the leader.”

Morris said the findings show there is still room for improvement among the major banks, as smaller competitors are outperforming them on fees, charges, interest rates and customer service.

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