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Customer satisfaction for big four remains lower than other lenders

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In the six months to September 2015, the overall satisfaction level of home loan customers of Australia’s four major banks was at 80%, according to data from Roy Morgan’s Single Source survey.

While it is an improvement from 78.2% 12 months ago, the big four banks scored much lower than other major banks.

Indeed, the next seven major banks all had home loan customer satisfaction levels of more than 85%, with the top performers hitting over 92%.

Of the eleven major home loan banks, ME’s customers posted the highest satisfaction levels at 92.8% and ING Direct followed with 92.7%. So high were the scores of these two banks that the second runner up Bank SA was only at 88.7%, with Bendigo Bank was not far behind at 87.6%.

Among the four major banks, CBA had the most satisfaction with 82.0%. Westpac was second with 80.8%, NAB takes third at 78.9%, and ANZ last with 77.5%.

The survey discovered other points of interest. For instance, although there were reductions in home loan rates in recent years, ANZ, CBA, and NAB continued to post lower satisfaction levels for their home loan customers versus their non-home loan customers.

Over the last 12 months, CBA improved the most among the big four, going up 1.4%. NAB was up 0.6%, ANZ down 0.3%, and Westpac decreased by 1.0%. Despite CBA’s improvement, it still trails behind the much higher satisfaction levels of banks outside of the big four, who maintained an average satisfaction level of 86.7% in the six months to September.


 

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