Customer satisfaction with Australia’s big four banks dropped again in June to reach its lowest level since 2013, according to new data from research company Roy Morgan.
Satisfaction with the banks declined in five of the six months ending June 2016, reaching a low of 79.5 per cent; down 1.9 per cent on the same time last year.
Roy Morgan industry communications director Norman Morris said the “negative trend” was led by home loan satisfaction, which declined 0.9 per cent.
“Not only are the big four’s home-loan customers’ low satisfaction levels having a negative impact on overall satisfaction, but they all have lower satisfaction rates than the smaller banks’ home-loan customers, making them less competitive in this critical market,” he said.
Additionally, poor service, ‘exorbitant’ fees and a number of issues with branches all contributed to reduced satisfaction.
Mr Morris said “more attention” needed to be given to these issues in order to address falling satisfaction levels.
“Addressing these problem areas would not only be likely to increase satisfaction levels but would also increase the proportion of “very satisfied” customers; which would in turn increase the likelihood of customers becoming strong advocates, an objective of many banks,” he said.
The gap in satisfaction between the big four banks and mutual banks has widened in the last year, with mutual bank satisfaction sitting at 90.7 per cent.