Big Four satisfying more customers
The latest instalments of two regularly run banking satisfaction surveys were published this week. Both show the major banks' retail and business customers, respectively, are satisfied with their respective financial services institutions.In an environment of unabashed bank bashing by politicians of all stripes, assisted by numerous special interest groups, these results seem counterintuitive.Roy Morgan's retail bank customers' satisfaction with their respective banks in the six months to January 2018 was 81.2 per cent, up from 80.8 per cent in December. It is the best figure seen since June 2017"This represents a very positive result for the banking industry as it follows the increase seen in December. It is now also well above the long term average of 73.8 per cent calculated since 2001," stated Roy Morgan in their report.Among the ten largest consumer banks, Bendigo Bank retained the highest satisfaction rating in January with 88.4 per cent, followed by Bank of Queensland (85.8 per cent), ING (85.2 per cent), Bankwest (84.4 per cent), St George (83.3 per cent) and Suncorp Bank (81.9 per cent). The numbers and orders of merit for home-loan performers is roughly the sameAmong the majors, CBA maintained the highest satisfaction rating of the Big Four, with 80.1 per cent, followed by the NAB (79.1 per cent), ANZ (78.6 per cent) and Westpac (77.9 per cent).Meanwhile Roy Morgan's Melbourne rival research firm, DBM Consultants, has released its Business Financial Services Monitor for December 2017 with results showing that the average rating for the four majors across their Australian business customers rose to 7.2 out of ten, the highest rating since July 2016. Despite there being plenty of other distractions in the banking sector, particularly with the impending financial services royal commission, the Big Four are still relatively well thought of by their business customers."Adverse publicity doesn't appear to have dented businesses' faith when doing their banking with the Big Four. The majors have been very resilient over a long period of time, even improving their market share in recent years, and being rated seven or above is a positive reflection on them," said Tim Honcoop, DBM's Banking Research Director.The big improver in recent months is National Australia Bank, with its overall rating across all segments (from micro businesses to large businesses) at 7.3, having been 7.0 just six months earlier. Its biggest rise has been in the micro business segment, going from 7.0 to 7.3, along with an increase from 7.2 to 7.4 in the small business segment.