High value bank customers least satisfied

The research house’s consumer banking satisfaction report for December found overall satisfaction with the country’s four largest banks edged up 0.4 per cent to 79.9 per cent throughout December.

Roy Morgan also found that the top quintile of customers (the twenty per cent of customers representing the largest total market value) were also the least satisfied.

“For each of the big four banks, their highest satisfaction levels are among their lowest-quintile customers (bottom 20 per cent), but as this group accounts for only 0.3 per cent of the total market value and banks already have a high share of wallet, around 70 per cent, they have very little growth potential,” the company said.

The potential for business growth in the top quintile of customers is “significant”, the company said, and the below-average satisfaction levels reported by these customers “highlights the need for increased attention if overall satisfaction levels and growth rates are to be improved”.

The Commonwealth Bank had the highest number of satisfied customers, with 81.9 per cent of customers reporting that they were “very or fairly satisfied”, followed by NAB with 79.4 per cent.

Westpac and ANZ had the lowest satisfaction levels with 77.7 per cent and 77.6 per cent respectively reporting they were “very or fairly satisfied”.

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High value bank customers least satisfied

Reporter

Last Updated: 07 February 2017 Published: 08 February 2017