Over 30% of Australians will leave the big four banks in 2017

Posted: 1 March 2017 11:54 am

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Interestingly, higher income households are more likely to leave one of the big four banks this year.

A new study has shown that Australians are not afraid to shop around for their finances, with more than one-third of us prepared to leave our current bank in 2017.

The study from COPC Inc. revealed middle-aged Australians are potentially the most dissatisfied, with a huge 42% of those aged 40-49 prepared to look outside the big four this year, compared to 36% of those aged under 39.

The same could be said of higher income earners, with 41% of households with a combined income of between $100,000-$150,000 likely to leave their bank in 2017, compared to 33% of households with a combined income of under $100,000.

CEO of the Asia Pacific region for COPC Inc. Ian Aitchison says Australians are prepared to shift banks in search of better customer service.

“Customers’ experiences with contact centres and with their own local branch are becoming more important and when consumers are not experiencing satisfaction to a query, they are not only prepared to vent their frustration to friends, colleagues and on social media, but are now physically prepared to look for alternative options when it comes to banking,” said Aitchison.

The study showed that a bank's ability to resolve customer issues is one of the main priorities for Australians and had a strong impact on the Net Promoter Score – that is, how likely a customer is to recommend a bank to others.

The general sentiment revealed through the study is that smaller banks are better at resolving customer issues compared to the big four.

If you’re one of the many Australians thinking about switching banks this year, why not compare your options?

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