Consumers still happy with big banks

Consumers still happy with big banks

Consumer satisfaction in the big four banks is still “historically high” despite levels dipping over the six months to October 2015, a survey by Roy Morgan Research has found.

According to research by Roy Morgan, the satisfaction levels of the big four banks’ personal customers in the six months to October 2015 was 80.9 per cent, down 0.3 per cent from September.

However, while the banks experienced this decline, Roy Morgan said satisfaction levels still remain at “historically high levels”.

Among the big four banks, Roy Morgan found the Commonwealth Bank remained the "clear leader" among its peers, with consumer satisfaction only dropping 0.1 per cent to 82.4 per cent over the period.

Of the big four banks, the largest drop in consumer satisfaction was experienced by ANZ, which Roy Morgan found had experienced a decline of 0.9 per cent to 78.6 per cent.

For NAB satisfaction levels dropped 0.4 per cent to 81 per cent while Westpac dipped 0.3 per cent to 79.7 per cent.

Roy Morgan also reported that other banks outside of the big four “showed no change” in satisfaction levels and remained on 86.7 per cent over the same period.

"Including the banks outside of the big four, Teachers Mutual Bank remained the best performing bank overall with 95.8 per cent satisfaction, followed by Suncorp (90.5 per cent) and Bendigo Bank (89.9 per cent)," Roy Morgan said.

"The Bank of Melbourne (88.5 per cent satisfaction) and St George (83.8 per cent) were both clearly ahead of Westpac (79.7 per cent)."

"It is worth noting that of the 19 banks outside of the big four in this survey, 15 scored higher than the top performer of the big four (CBA with 82.4 per cent)," Roy Morgan added.

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