Bendigo Bank is most recommended by its customers, Roy Morgan research shows
Article by Rebeccah Elley
A new Roy Morgan financial report highlighted Bendigo Bank tops the financial pack when it comes to customer satisfaction with almost two thirds of its customers rated as “high advocates”, saying they would recommend the bank to friends and colleagues.
Roy Morgan Research communications director Norman Morris said the results indicated customers of smaller banks are recommending their bank more than those of the Big 4 banks. Echoing this sentiment, we found smaller financial providers shone in the Mozo Experts Choice Awards, offering great value products.
Morris explained that the comparatively higher levels of customer satisfaction for the smaller banks show the benefit by having more customers as high advocates. "It is also important for banks to identify which of their customers are high advocates, and in particular assess whether their high value customers are recommending their institution.”
Out of the Big 4 banks, the Commonwealth Bank ranked the highest with 52.6% high advocate customers, with NAB closely behind at 48.4%, followed by ANZ with 45.6% and Westpac with 45.5%.
“The strength of word of mouth highlights the importance of having a higher proportion of customers who are satisfied and who consider their bank as their main financial institution,” said Morris.