Bank customers satisfaction remains steady in August
But home loan customers aren't too happy, despite historically low rates.
New research reveals satisfaction among Australia's big four banks' customers increased slightly in the six months to August, supported by the contentment of non-home loan clients and the growing popularity of mobile and internet banking.
Roy Morgan Research's Consumer Banking Satisfaction Survey August 2016 shows satisfaction ratings rose from 81.5% in July to 81.6% in August. This figure exceeds the long-term average and is just below the 20-year high of 82.9% recorded last year.
While non-home loan customer satisfaction rose 0.2% points to 81.7% in August, satisfaction among those with mortgages decreased 0.6% points to 79.1%, despite historically low rates.
ANZ customers have been increasingly pleased with their bank's products and services, with satisfaction ratings gaining traction in both July (+0.7%) and August (+0.3%).
Although ANZ was the only big four bank to experience a rise in overall customer satisfaction last month, NAB home loan customer satisfaction rose 0.2% to 73.2%.
Satisfaction among Westpac (-1.5%), ANZ (-1.1%) and Commonwealth Bank of Australia (-1%) home loan customers slipped last month.
Of the big four banks, CBA (81.4%) continues to have the highest satisfaction score, ahead of ANZ (79.9%), NAB (77.9%) and Westpac (77.6%).
Outside of these financial powerhouses, Greater Bank (95.2%) is the most popular among its customers, followed by Bank Australia (94.8%), Victorian Teachers Mutual Bank (94%), Teachers Mutual Bank (93.3%) and Heritage Bank (92.1%).
The popularity of online banking has grown intensely since its inception. In an average four-week period less than a third (29.2%) of bank customers use a branch, compared with 52.8% who use internet banking facilities and 37.3% who manage their funds from their mobile.
Eight out of the top 10 banks have significantly higher online banking satisfaction ratings than that of their branch operations.
For example, there's a big gap between Suncorp branch customers (89%) and mobile banking clients (96%). It's similar at Westpac, with branch satisfaction (82%) trailing both mobile and internet banking (89%).