ING DIRECT wins Best Bank in the Mozo People’s Choice Awards
25,000 bank customers have cast their votes and ING DIRECT has been crowned the Best Bank for the fifth consecutive year, as well as Best Bank Accounts, Best Debit Cards and Best Savings Accounts in the annual Mozo People’s Choice Awards.
Independent providers swept the awards with Queenslanders Credit Union taking out Best Credit Union, Best Home Loans and Best Customer Service, Wide Bay Australia standing tall as Best Building Society and Police Bank earning the gold gong for Best Mutual Bank.
Customers rated their bank providers on everything from price to convenience and after tallying the votes the Mozo team found overall banking satisfaction is at 7.85, up from 7.17 in 2011, with 68% of us now fans of our bank.
The gap between the big banks and competitors is closing with Big 4 customer satisfaction jumping 13%, with CommBank experienced the biggest improvement in its score. However, NAB claimed the Best Big 4 Bank with a score of 7.95 and an impressive 70% of fans.
Mozo director Kirsty Lamont said "Australians are generally happier with their banks regardless of size, but the big four have clearly lifted their game, as the combination of low interest rates and improved service is a recipe for bank happiness.”
The increase in home loan competition and decrease in interest rates over the past three years saw home loan satisfaction scores make the biggest jump from 2011, up 12% to 7.45. By comparison Term Deposits have been hit by the same impact of lower interest rates, with scores taking a backwards step each year since 2011, dropping 3% to 7.76.