Customer satisfaction booms
Customer satisfaction with the nation’s largest banks have skyrocketed to their highest ever levels, marking the fourth consecutive month that Roy Morgan Research has tracked a positive upswing in consumer sentiment in the area.
Each of the Big Four banks improved their customer satisfaction acting over October, with Westpac and ANZ both up 1.1 per cent, CBA up 0.6 per cent and the NAB trailing at 0.1 per cent.
Roy Morgan said that Westpac’s improvement was thanks to their non home loan customers’ satisfaction, whereas ANZ recorded the biggest leap in satisfaction among their home loan customers.
Although the NAB has maintained the highest positive rating (80.4 per cent), the Commonwealth Bank closed the gap to finish 1.3 points behind (79.1 per cent).
Despite the strong showing by the Big Four banks (78% satisfied) they are still well behind the new Mutual Banks (91.4%), Building Societies (90.1%) and Credit Unions (89.4%).
Norman Morris, Roy Morgan’s Industry Communications Director, said that concerted efforts to improve customer service was paying dividends the big four.
“The continued improvement in bank satisfaction that has occurred over the last ten years coincides with a period of rapid change in how customers deal with their bank. There is now much greater flexibility in channel selection, with internet banking being used by more people than visit branches and as a result customers can do their banking when and where they want to,” Mr Morris said.