Overall consumer satisfaction for personal banking high, but high-value customers less satisfied
Australia’s banking customers report high overall satisfaction levels, reflecting a positive trend as the low interest rate environment continues. According to Roy Morgan Research, even while the satisfaction level of personal banking customers dipped marginally by 0.1% point to 82.8% in April from March, it’s just a little under the 20-year high of 82.9%.
Interestingly, the highest value customers reported the lowest level of satisfaction at 79.3%. Although this group comprises only 20% of the population, it actually represents 62.7% of the total value of personal financial services in the market.
The Commonwealth Bank remained the leader amongst the Big 4 in overall satisfaction with 82.2%, even though the competition was quite stiff. Westpac claimed the top spot in terms of MFI (main financial institution) with 83.6%, followed by CBA at 83.5%, NAB at 83.0% and finally ANZ at 82.0%.
Despite the good performance by the Big 4, the other banks still have a huge lead, with the mutual banks increasing satisfaction by 3.3% points to 92.2%.
"Banks have made good progress for well over a decade in raising overall customer satisfaction to record levels, from less than 60% in 2001 to over 80% currently. The challenge now is to improve the satisfaction and advocacy levels among the segments with the greatest potential.,” said Norman Morris, industry communications director for Roy Morgan Research.