Bendigo Bank has the highest customer satisfaction level of the big banks
Smaller banks continue to outperform the Big Four in customer satisfaction.
New findings from research house Roy Morgan show that Bendigo Bank is leading the pack in terms of customer satisfaction, with the highest level of customer satisfaction out of Australia's 10 largest consumer banks. As of August 2017, the bank was sitting on a customer satisfaction level of 89.3%, up 0.9% from July.
Following Bendigo is ING with a satisfaction rating of 86.7%, Bank of Queensland with a rating of 84.2% and Suncorp with a rating of 83.0%. Of the Big Four, CommBank is leading in customer satisfaction with a rating of 80.2% and ANZ is in fourth place with 77.3%.
While Bendigo Bank has improved its satisfaction ranking over the month, the average rating of the banks overall has shown a small decrease of 0.2% compared to July. However, similar to last month, it's the smaller players who are still in the lead.
Image source: Roy Morgan
Although it's still firmly in second place, ING saw the biggest drop in customer satisfaction with a decline of 1.2% over the month. In July, the bank reduced the market-leading interest rate of its Savings Maximiser account from 3.00% p.a down to 2.80% pa, which could be a possible reason for the decline in customer satisfaction.
Roy Morgan says that the Big Four's unhappy mortgage customers are continuing to pull down their overall satisfaction levels. Over the weekend, each of the Big Four banks announced that they will be dropping the widely-loathed ATM withdrawal fees that are usually charged to non-customers that use their ATMs. Perhaps this move will be enough to boost their satisfaction levels for September?
We'll have to wait and see.