RMR consumer and business satisfaction
Business and retail customers reported higher levels of satisfaction with their financial institutions during the 2013/14 financial year, with the satisfaction levels of both groups growing at similar rates.Roy Morgan Research reported that consumer satisfaction with banks grew by 1.1 percentage points over the year. The 82.2 per cent satisfaction rating for banks is at an 18-year year high.Among the big banks, Westpac customers reported the biggest increase in satisfaction - up 1.8 percentage points to 79.9 per cent. Commonwealth Bank's rating was up 1.4 points to 82.1 per cent, NAB's was up 1.3 points to 80.4 per cent and ANZ's was up 60 basis points to 79.1 per cent.Consumers also reported higher levels of satisfaction with credit unions (up 2.3 percentage points to 90.6 per cent) and building societies (up 2.2 points to 92.4 per cent). Surprisingly, satisfaction with mutual banks fell 3.2 percentage points to 87.8 per cent. The foreign bank satisfaction rating fell 70 basis points to 85 per cent.The financial institution with the highest consumer rating was Victoria Teachers Mutual Bank, with a rating of 96.3 per cent.Business customer satisfaction with banks grew by 1.2 percentage points to 65.4 per cent. Building societies, credit unions and foreign banks all lost ground.Among the big banks, ANZ's business customer rating increased by 6.4 percentage points to 66 per cent. NAB's rating increased by 4.2 points to 65.9 per cent and Westpac's increased by three points to 70.9 per cent.CBA's rating fell one percentage point to 63.4 per cent.