Australia’s Big Four banks improve satisfaction levels
Smaller banks' satisfaction levels decline, although they're still leading the pack.
New research released today by Roy Morgan shows customer satisfaction levels for the Big Four banks (ANZ, NAB, Westpac and CBA) is increasing. In the six months to June 2017, satisfaction was up 0.3% from the same time last year, and is currently at 79.8%.
At the same time customer satisfaction levels for all other Australian banks declined by 0.9%. Although with a current satisfaction recording of 84.8%, they're still leading ahead of the Big Four.
This trend has been happening for the better part of a decade. In 2005, the satisfaction level for smaller banks was 77.7%, compared to just 66.6% for the Big Four. This is a lead of 11.1%. Fast forward to the current market and the smaller banks remain in the lead, but the gap is much smaller at just 5%. Satisfaction levels for all banks have been steadily climbing since 2005, until reaching 2015 where there has since been minimal movement.
As seen in the graph below, of the Big Four NAB showed the most improvement over the past 12 months with a satisfaction level up 1.8% to 79.8%. However CBA still remains in first place, with a recording of 81.0%, followed by NAB, ANZ (78.8%) and lastly Westpac on 77.9%.
Consumer banking satisfaction: 15 largest consumer banks
As we can see, Teachers Mutual Bank has the highest customer satisfaction level at 91.5%, although this is down 2.6% over the last year. Beyond Bank improved the most with an increase of 2.8%, and Bank SA showed the biggest decline with a decrease of 7.2%.
Not only are Teachers Mutual Bank customers the most satisfied, they're also the most likely to recommend their bank to family and friends. Nearly three quarters (72.1%) of customers are highly to recommend them.
In comparison CBA, which has the highest advocacy level of the Big Four, only has 50.8% of its customers who are highly likely to recommend them. This is followed by NAB (48.5%), Westpac (48.2%) and lastly ANZ on 46.6%.
If you're not satisfied with your current bank account, why not check out our comprehensive comparison of bank accounts and switch to one that better meets your needs?
Image: Shutterstock
