The Commonwealth Bank has come out on top of the other big four banks in terms of digital satisfaction, according to new research.
The latest Roy Morgan consumer banking report found that CBA had the highest satisfaction for both mobile and internet banking with 91.7 per cent and 88.8 per cent respectively.
Tailing CBA for mobile banking was NAB on 88.8 per cent and Westpac on 88.2 per cent, meanwhile ANZ was below the market average with a satisfaction of 87.3 per cent.
On internet banking it was roughly the same with Westpac tailing CBA on 88.7 per cent, NAB following with 87.7 per cent and ANZ rounding out the pack on 85.3 per cent.
NAB had the highest satisfaction for branch users among the big four. The research, however, showed that usage of branches was at a low.
Over a four-week period 44.7 per cent of Australians used mobile banking compared to only 22.9 per cent of Australians who used branches.
In fact, mobile banking is the most rapidly growing channel and has the highest satisfaction at 89.3 per cent, followed by internet banking at 87.7 per cent and branches in third with 85.2 per cent while phone banking was last at 77.2 per cent.
The rise of mobile banking has had a positive impact on overall bank satisfaction as all four of the major bank customers had higher satisfaction with mobile banking than that of branches.
Roy Morgan’s industry communications director Norman Morris said that mobile and internet banking were major factors in contributing to overall satisfaction levels.
“Despite a decline in satisfaction with banks over the last year, their customers still have higher satisfaction levels than they have averaged over the last two decades, highlighting the importance of understanding long-term trends. The extensive negative publicity over the last year given to the big four in particular as a result of the finance royal commission appears to have had a negative impact on their satisfaction levels but this appears to be abating.
“On the positive side, the high satisfaction levels for mobile and internet banking, combined with their rapid growth, are likely contributing factors to maintaining high overall satisfaction levels over recent times,” he said.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]