Since October 2009 when the NAB announced significant fee reductions, its customer satisfaction has risen by 2.8% points to 71.1%, this is the biggest improvement across all of the banks measured in this survey. As a result it has taken the NAB from clear last position amongst the big four 12 months ago to now being only 0.2% points behind Westpac (compared to 5.1% points behind 12 months ago).


Bank Customer Satisfaction


Source: Roy Morgan Research, January 1996 — April 2010. Average 6 months, n= 26,100.

By contrast to the NAB, Westpac which has received considerable adverse publicity over their above market increase in their home loan rate, has been the only one of the five majors to suffer a decline in satisfaction in the last 6 months (down 1.4% points to 71.3 % from Oct 2009 to April 2010). It is not surprising that Westpac’s biggest drop in satisfaction was amongst its home loan customers, with a decline of 3.0% points over the last 12 months, compared to only a 0.1% point drop for other customers.

St George is now the clear leader amongst the major five banks with 78.5%, with the ANZ second on 75.5%. St George was just behind the ANZ 12 months ago (April 2009) by 0.1% points but over the last year it increased it’s customer satisfaction by 4.1% points compared to a 1.0% point gain for the ANZ. The improvement by St George was seen for both home loan customers (up 5.4% points) and other customers (up 3.7% points).

The CBA has continued to close the gap to the ANZ and is now in second place, having replaced Westpac over the last 12 months.


Norman Morris, Industry Communication Director, Roy Morgan Research, says:

“The Big Four banks overall have increased the level of customer satisfaction by 1.7% points over the last 12 months and as a consequence are now at their highest level in 14 years. It will be interesting to see if this improvement can be sustained with all the publicity surrounding the proposed class action against them in particular.”

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