Satisfaction sits at 15-year high among major banks' customers
Satisfaction with their main financial institution among the Big Four banks' personal customers in the six months to July 2016 has hit a high point and is making it into standard practice - at least that's the news from Roy Morgan's research division.Out of the Big Four, the ANZ showed the biggest improvement in satisfaction, up 0.7 per cent points to 79.6 per cent, followed by the CBA (up 0.2 per cent points to 81.4 per cent). NAB was unchanged on 78.0 per cent and Westpac was down by 0.4 per cent points to 77.7 per cent.The improvement was really due to a marginal increase (up 0.2 per cent points) among non-home loan customers and a minor decline (down 0.1 per cent points) in home-loan customer satisfaction.Customer satisfaction with the Big Four banks is now 1.6 per cent points below where it was 12 months ago and is showing signs of improvement. Over the year, home-loan customer satisfaction fell by 2.9 per cent points and other customers went down by 1.3 per cent points.It is, nevertheless, a major improvement on the 58.8 per cent seen back in July 2001, according to Norman Morris, industry communications director at Roy Morgan Research."Although we have seen that the clear majority of bank customers are satisfied, there are some issues that need to be addressed," Morris said."The current spate of adverse publicity from political parties and the media regarding the need for banks to improve their behaviour fails to mention how banks are viewed by their customers. The focus instead appears to be on the need for a Royal Commission or some other type of additional reporting or investigation," he said."Customers are obviously the final arbiter of how well they feel their banks are serving them and if they are dissatisfied with their bank, they know they can switch to another one."Looking at the banks outside of the Big Four, Teachers Mutual remains the best performer with 93.8 per cent satisfaction, followed by Bank Australia (93.6 per cent) and Heritage Bank (92.1 per cent). Overall, the Mutual Banks with 90.7 per cent satisfaction remain the pacesetters.