Westpac consolidates big four lead with highest ever customer satisfaction score

Kirsty Timsans

Monday 02 March 2015

Westpac has been awarded the highest ever consumer customer satisfaction score out of the big four by the Roy Morgan Research for Main Financial Institution (MFI) since tracking commenced in 1996. In January, Westpac’s customer satisfaction was 84.1% - 0.7% above its nearest major bank rival.

Roy Morgan Consumer Banking and Satisfaction Report

Since August last year, Westpac has maintained its leadership position among Australia’s major banks by increasing its MFI customer satisfaction by 0.7% over the past year, according the Consumer Banking and Satisfaction Report.

Group Executive of Westpac Retail and Business Bank Jason Yetton said the customer satisfaction scores could be attributed to the bank’s increased focus on service that has seen a reduction in customer complaints by 52 per cent over the last year.

“This, I believe, is the direct result of an increased focus on the service that we offer our customers, whether it has been through our digital and mobile banking options, the new Westpac Live online banking platform, our 24/7 Bank Now and Connect Now video-conference enabled branches and our support to help Australians own their homes sooner.”

“However, we also know that we still have many areas in which we can and must improve to make it easier, faster and better for customers, particularly in a rapidly changing digital world where customer expectations continue to rise.”

The Roy Morgan survey included the responses of customers who rate a big four bank as their Main Financial Institution (MFI) and have at least a deposit and transaction account relationship.

Westpac continues to outperform its major bank rivals with its business banking division receiving the Best Major Business bank for Customer Satisfaction for the fourth consecutive year.

"These awards are a testament to the quality, dedication and support of the 10,000 wonderful people in Westpac Retail and Business Banking who work tirelessly to help their customers and create stronger communities."

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