Bank satisfactions levels are close to a record high

Alison Banney 10 April 2017

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Consumer satisfaction level with banks is high, yet customers are still not likely to recommend their bank to family and friends.

The latest Roy Morgan research released today reveals that despite recent negative attention from industry regulators, in the six months to February 2017 satisfaction with banks overall was at 81.9%.

This is only 1.0% lower than the 20-year high of 82.9% recorded in 2015, and is well above the long-term average of 76.9% recorded since 2005.

CBA remains the best performer of the Big Four with a satisfaction level of 81.7%, followed by NAB at 80.1%, ANZ at 78.1% and Westpac at 77.3%.

Norman Morris, industry communications director at Roy Morgan Research, said, “Roy Morgan data shows that bank customers’ satisfaction is close to record levels. Satisfaction with banks has been trending up strongly for more than a decade and over the last two years it has plateaued rather than showing any real signs of a decline.”

Interestingly, all four banks showed an improvement in the satisfaction levels of mortgage customers over the six months to February; satisfaction among mortgage customers increased to 77.4%, up from 75.4% in November.

Again, satisfaction among CBA's mortgage customers is the highest of the Big Four at 79.6%, followed by ANZ at 76.8%, Westpac at 76.4% and NAB at 75%.

Mortgage satisfaction roy morgan

Source: Roy Morgan Research

Not only is CBA leading in terms of consumer and mortgage customer satisfaction, but it reported the highest Net Promoter Score (NPS) of the Big Four. The NPS measures the likeliness of customers to recommend the bank to family and friends.

While CBA was the clear leader of the pack, all of the Big Four NPS results are overwhelmingly negative. CBA recorded a NPS of -2.7, NAB’s score is at -10.2, ANZ’s score is sitting at -12.6 and Westpac’s score is -15.1.

“Although NPSR for the major banks is still negative and tends to lag behind satisfaction, it is showing a positive upward trend,” Morris said.

NPS Roy Morgan

Source: Roy Morgan Research

If you’re not satisfied with your banks check out our bank account comparison guide to find a provider that’s right for you.

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