The ANZ drop over the last month was due largely to a decline of 2.5% points in the satisfaction level of their home loan customers, bringing the overall satisfaction of it’s customers to 73.8%, the lowest of the big four and the lowest score it has achieved since Aug 2009. The last 12 months has not been a good result for the ANZ home loan customers with a decline in satisfaction of 6.7% points which appears to be as a result of their decision to show some independence from the RBA in the timing and level of interest rate moves in relation to home loans. The adverse publicity the ANZ received in February by being the first major bank to increase the home loan interest rate to it’s customers (despite the fact that the RBA decision was to hold rates) clearly impacted satisfaction levels which generally take some time to overcome as we have seen on previous occasions with Westpac and the CBA.
Consumer Banking Satisfaction
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Source: Roy Morgan Research Consumer Banking Satisfaction Report, May 2012, Average 6 monthly sample for big four banks, n = 18,500.
The current leader among the big four is the NAB (78.1% satisfaction) and over the last 12 months it has achieved the greatest improvement (+5.8% points) among this group. While the NAB has achieved an improvement among its home loan customers (+2.8% points), it was its non home loan customers where the biggest improvement was seen (+6.7% points).
The CBA continues to improve and is in second place among the big four (77.3%), with the major improvement over the last 12 months coming from it’s home loan customers who have increased their satisfaction level by 8.1% points. The CBA home loan customers now lead the big four in terms of customer satisfaction with 74.1%, narrowly ahead of the NAB on 74.0%.
Westpac with satisfaction of 74.6% has held relatively steady over the last 12 months (down 0.4% points) but remains well below the Bank of Melbourne (82.0%) and St George (80.3%).
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“While the big four are competing for top spot, the other banks (including the new mutual banks) are maintaining a clear lead in terms of customer satisfaction with 85.4% currently compared to 76.2% for the big four.
“With the govt promising to make it easier for people to switch banks starting 1 July, it will be interesting to see if the alternatives to the big four (including Building Societies and Credit Unions) can capitalise on their clear leadership in customer satisfaction.
“The best performing smaller banks are, Victorian Teachers Mutual Bank (94.8% satisfaction), Teachers Mutual Bank (92.2%) and U Bank (91.8%). They are all well clear of the best of the big four, the NAB with 78.1%.”