Satisfaction with big four banks lags mutuals

By Larissa Waterson
 — 1 minute read

Mutual banks have outperformed the big four on overall customer banking satisfaction despite the popularity of mobile banking services, Roy Morgan has found.

Research released by the company shows the average customer satisfaction rating for the big four in November 2016 was 79.5 per cent, compared to the mutual bank’s average of 90.1 per cent.

The best performers for customer satisfaction among the mutual banks were Greater Bank (94.5 per cent), Bank Australia (93.9 per cent) and Teachers Mutual Bank (92.3 per cent), all well ahead of the top ranked big four bank, the CBA on 82.0 per cent, Roy Morgan said.


The report also showed high levels of customer satisfaction with mobile banking, which is now more popular than banking via branches.

According to Roy Morgan, 38.8 per cent of Australians use mobile banking in an average four-week period, while just 28.2 per cent use branches.

“Satisfaction is obviously a major driver of this trend with 90.7 per cent satisfaction with mobile banking among the big four, compared to 84.8 per cent satisfaction with branches,” Roy Morgan said.

CommBank topped the 10 major banks for customer mobile banking satisfaction with a 93.8 per cent satisfaction rating, while its branch satisfaction rating was 85.7 per cent, Roy Morgan said.

NAB recorded a mobile banking satisfaction rate of 88.0 per cent compared with an 85.0 per cent satisfaction rating for its branch banking.

Mobile banking satisfaction for Westpac was scored at 87.7 per cent, while branch banking satisfaction was 82.8 per cent, according to the research.

Roy Morgan industry communications director Norman Morris said, “The high satisfaction levels and rapid increase in the use of mobile banking are likely to improve overall satisfaction.

“While this is a positive trend, the declining satisfaction of the big four's branch banking customers is not so rosy. Over one in four bank customers still use branches in an average four-week period: and their satisfaction is also important,” Mr Morris said.

“Banks need to pay attention on issues such as branch closures and changes to functionality so that they are better aligned with customer needs and expectations."

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Satisfaction with big four banks lags mutuals
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