Customer satisfaction ratings remain high
Westpac's performance over the past year in the Roy Morgan consumer banking customer satisfaction survey should give the other big banks confidence the anger generated by out-of-cycle rate rises won't last long.Westpac increased its variable home loan rate by 45 basis points last December, in response to a 25 basis point increase in the official cash rate.The Roy Morgan survey shows Westpac's rating falling sharply, against the overall trend, until the middle of the year, but then recovering strongly in the second half of the year.According to the latest survey, released yesterday, Westpac's satisfaction rating rose 2.4 percentage points between July and October - one of the highest rates of increase among all institutions surveyed.And, according to the DBM Consultants' latest business customer satisfaction survey, released this week, Westpac has the highest score of the big banks among business customers.Neither survey shows the reaction of customers to rate changes made in the wake of the latest increase in the cash rate.DBM's managing director, Dhruba Gupta, said in a statement: "Next month's survey results should give us an initial measure on how the market reacted to the out-of-cycle rate movements."The overall trend, in both the consumer and business market, has been for higher levels of satisfaction. Bendigo has taken back its number one ranking (at 87.9 per cent), from ING Direct, in the Roy Morgan survey.