Recently, Mozo announced the winning (and losing) financial providers in its 2nd annual Mozo People’s Choice awards. Over the past 12 months, we collated over 23,000 reviews and ratings covering more than 200 financial providers.
This represents the largest financial conversation in the country, and importantly provides Mozo with unique insights into customer satisfaction in personal banking in Australia. These insights are available in our Mozo Customer Barometer reports.
So, what has 12 months as a fly on the wall revealed?
Big 4 vs other banks versus mutuals
Mutual organisations rated significantly better than other groups of providers. Smaller banks were preferred over the Big 4. No surprises there!
The average overall rating of Mutuals was 8.18 compared with 6.87 for the Big 4 Banks and 7.49 for other banks.
Looking deeper than just the averages scores, we divide individual customer ratings into three bands:
Fan = a score of 8 or more
Fair = a score between 5 – 7
Fail = a score 4 or less
Just on 75% of all Mutual customers are Fans; only 50% of Big 4 bank customers are Fans. That’s a big difference, but even so it does mean that half of the customers of the Big 4 still rate their overall satisfaction at 8 out of 10 or more.
But the damage is done in the “Fail” ratings. Big Banks are three times more likely to receive a “Fail” score compared with Mutuals.
The Big 4 break-up
There has been a distinct shift in Big 4 ratings over the past 12 months.
On Valentines day this year, NAB officially broke up with the other Big Banks and is now pulling out in front as the only Big bank to rate an average above 7. One year ago, ANZ was the highest rated of the four.
The overall ratings for the big 4 are: NAB 7.09, Westpac 6.91, ANZ 6.84, Commonwealth Bank 6.78.
In addition to ratings out of 10, we also collect written reviews from bank customers. The following word clouds highlight the most commonly used words for customers who gave their provider a Fan or Fail rating. There are some very interesting differences between the two.
Like to know more?
If you’d like a free copy of our Mozo Customer Barometer (Personal Banking Overview) report, send an email to email@example.com.
We also offer Mozo Customer Barometer reports focusing on satisfaction within individual product areas, and can provide customised reports or data.