Customers still satisfied with major banks

According Roy Morgan Research, the satisfaction levels of the big four banks’ personal customers in the six months to October 2015 was 80.9 per cent – down 0.3 per cent from September.

However, while the majors experienced this decline, Roy Morgan said satisfaction levels remain at “historically high levels”.

CBA remained the “clear leader” among its peers, with consumer satisfaction only dropping 0.1 per cent to 82.4 per cent over the period.

NAB was the next best placed major, with satisfaction levels dropping 0.4 per cent to 81 per cent, while Westpac’s satisfaction levels dipped 0.3 per cent to 79.7 per cent.

The largest drop in consumer satisfaction was experienced by ANZ, with a decline of 0.9 per cent to 78.6 per cent.

Roy Morgan also reported that other banks outside of the big four “showed no change” in satisfaction levels and remained at 86.7 per cent over the same period.

“Including the banks outside of the big four, Teachers Mutual Bank remained the best performing bank overall with 95.8 per cent satisfaction, followed by Suncorp (90.5 per cent) and Bendigo Bank (89.9 per cent),” it said.

“The Bank of Melbourne (88.5 per cent satisfaction) and St.George (83.8 per cent) were both clearly ahead of Westpac (79.7 per cent).

“It is worth noting that of the 19 banks outside of the big four in this survey, 15 scored higher than the top performer of the big four (CBA with 82.4 per cent).”