Smaller banks continue to be significantly ahead of the big four banks when it comes to overall customer satisfaction, according to Roy Morgan.
Australia’s four largest banks are “well behind the smaller banks” when it comes to the proportion of ‘very satisfied’ customers, the company said.
Teachers Mutual Bank and Greater Bank had the highest number of ‘very satisfied’ customers, Roy Morgan found, with 62.3 per cent of Teachers Mutual Bank customers and 58.8 per cent of Greater Bank customers falling in to this category.
The big four banks on the other hand have only around a third of their customers feeling ‘very satisfied’, led by the Commonwealth Bank with 33.5 per cent of customers selecting this option.
Overall, general satisfaction with the big four banks has increased marginally in the six months to May 2017, climbing up 0.1 of a percentage point to 80.2 per cent, which Roy Morgan attributed to improvement in satisfaction among the banks’ home loan customers.
“Satisfaction among home-loan customers of the big four continues to be below that of their other customers, but over the last year they have narrowed the gap marginally,” the company said.
“The small overall improvement in satisfaction from last month was the result of minor gains among both home-loan and non-home loan customers.”
Stimulate new ideas. Stimulate new thinking. Top up your CPD and hear from industry experts with InvestorDaily’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD. Explore the knowledge centre Knowledge Centre now.
Despite the Australian economy’s ongoing rapid recovery, an Australian equity head believes GDP growth will “fade” in 2022. ...