NAB overtakes Westpac in the customer satisfaction stakes

National Australia Bank has overtaken Westpac in the retail banking customer satisfaction ratings. Westpac, which was threatening Commonwealth Bank for top place in the satisfaction rankings last year, has slipped back to third.

According to the latest Roy Morgan Research retail banking customer satisfaction report, Commonwealth Bank leads the big banks with a rating of 82.5 per cent. CBA's ratings rose 30 basis points in May and have risen 70 bps over the six months to May.

NAB's rating has moved to 81.8 per cent after rising 80 bps in May and 110 bps over the six months to May.

Westpac's ratings has risen ten bps over the six months to May and stands at 81.3 per cent.

ANZ lost ground over the last six months, with a fall of 60 bps, and its rating is 79.1 per cent.

Among the smaller banks in the survey, Teachers Mutual Bank leads the field with a rating of 94.4 per cent, followed by bankmecu (93.1 per cent) and Victoria Teachers Mutual Bank (92.6 per cent).

Roy Morgan industry communications director Norman Morris said the age breakdown of a bank's customer base had some bearing on its satisfaction rating.

People aged 35 to 59, who represent close to 60 per cent of the value of the retail financial services market, give their banks an average satisfaction rating of 80 per cent - the lowest of any age bracket.

People aged 22 to 34 give their banks and average rating of 82.9 per cent. For those aged 60 to 69 the average id 83.7 per cent and for those aged 14 to 21 the average is 87 per cent.

The most satisfied customers are people aged 70 and over, who give their banks an average rating of 88.8 per cent.

Morris said that, among the big banks, NAB was ahead of CBA in the 35 to 59 demographic.