Bendigo Bank tops the latest customer experience rankings
But it was ANZ that made the biggest improvement, jumping up three spots from 2016 to 2017.
According to the latest findings of Forrester's Australia Customer Experience Index 2017, Bendigo Bank has topped the list for customer experience, followed closely by ING and Suncorp. The Index analysed nine of Australia's biggest consumer banks across 50 drivers of customer experience quality, with over 4,300 bank customers taking part in the comprehensive study.
Bendigo Bank, ING and Suncorp held their leading positions from the previous year's index, proving these banks are on the money in regards to customer experience initiatives and customer loyalty. However, it was ANZ that made the biggest leap, jumping up from position seven in 2016 to spot four in 2017. In comparison, Australia's biggest bank CommBank dropped down four places, from spot four in 2016 to slot eight in 2017. Following ANZ in position four is NAB, St.George, Westpac, CommBank and Bankwest coming in at spot number nine.
ANZ has certainly been busy the past two years investing in new capabilities and product offerings for its brand. Among the most noteworthy, ANZ was the first Australian bank to offer Apple Pay to its customers in April 2016, with the remaining Big Three banks still lobbying for approval to offer the digital wallet almost two years later.
ANZ has since also launched Samsung Pay, Fitbit Pay, Android Pay, Garmin Pay and also partnered with Eftpos to enable its customers to make real-time payments via Apple Pay – another first for the Australian banking industry. It was also the first Australian bank to launch voice biometric security for mobile banking in September 2017, enabling its customers to authorise transactions via their voice.
According to Forrester's study, one of the biggest concerns that consumers have towards their bank is the feeling of being misunderstood and under-valued. Specifically, bank staff not understanding customer needs or knowing their account history were key drivers of under performance for the banks. The research shows that of the customers who feel valued by their bank, 85% will advocate for the brand, 81% plan to increase their share of wallet or spending with the brand and 73% plan to stick with the brand.
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