Will consumers compare savings accounts and home loans as banks blow customer satisfaction?

Monday 06 December 2010

Article by Mozo

Banks operating in Australia have "blown it" after finally seeing their customer satisfaction levels increase, it has been reported.

Bank customers are happy, but for how long?

The news could inspire a number of consumers to compare home loans and other products and services with a view to switching providers.

Writing for news.com.au's Money Matter series, Karina Barrymore explained that interest rate rises are set to undo the work that banks have undertaken to appease their customers.

The writer cited a recent customer satisfaction survey by Roy Morgan Research which showed that customers' happiness is at the highest level since the study began 16 years ago.

However, the satisfaction is likely to be depleted after the recent "profit-skimming" strategies employed in the wake of official interest rate rises.

Norman Morris, Roy Morgan director, told the news provider: "Home loan customers of banks have shown to be sensitive to rate rises and are particularly harsh on banks that increase their rates above the Reserve Bank increase.

"This improvement is now likely to suffer, with the banks putting up their home loan rates above the market increase announced by the Reserve Bank."

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