Customers increasingly satisfied with banks

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A new study has found that the satisfaction level of personal banking customers is up by 0.2% from February to equal the 20-year high of 82.9% recorded in January.
 
The Roy Morgan Research Consumer Banking Satisfaction Report for March 2015 said the new data is a jump of 1.1% points over the last 12 months.
 
The CBA was the standout of the big four in overall satisfaction on 82.5%.
 
But in terms of main financial institution customer rankings, Commonwealth Bank and Westpac emerge tied at the top with 83.7%. National Australia Bank and ANZ followed suit with 83% and 81.7%, respectively.
 
The big four collectively saw improvement in customer satisfaction for the past 12 months with an increase of 0.9% points. Other banks and mortgage lenders across Australia also experienced a rise of 1.8% in the past year to 86.6%. In 2005, other banks were at 79.6%.

“For customers of the big four banks who are ‘very satisfied’, around 80% of them are ‘highly likely’ to recommend their bank to others (scoring 8 -10 on a 10-point scale). The best performer was the CBA (82.8%), closely followed by the NAB (82.7%),” the research stated.

“By contrast, ‘fairly satisfied’ customers of the big four were far less likely to recommend their bank, averaging less than 50%. The best performer was the NAB (50.3 % being highly likely to recommend), followed by CBA (48.6%), Westpac (45.0%) and ANZ (44.4%).”
 

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