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.

Bank account comparisons on Mozo - last updated 26 February 2024

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