It appears that the ANZ move in February to act independently outside of the timing and movement in the rates announced by the RBA has not gone down well with its customers, with satisfaction with the bank continuing to decline. Since January 2012, the other three major banks have also had declines in satisfaction, with Westpac down 2.0% points, NAB down 1.0% points and CBA down 0.3% points.
Consumer Banking Satisfaction
Source: Roy Morgan Research Consumer Banking Satisfaction Report, June 2012, Average 6 monthly sample for big four banks, n = 18,500.
The home loan customers of the big four banks all have lower levels of satisfaction than their other customers despite favourable movements in interest rates in May and June this year. The biggest gap between home loan and other customers is for the ANZ (7.4% points lower), followed by Westpac (7.2% points lower), NAB (4.5% points lower) and CBA (4.4% points lower).
The NAB still ranks as number one among the big four with 78.2% satisfaction, having improved by 3.6% points over the last 12 months. The CBA (77.3%), has also performed well over the last year with an increase of 3.8% points to be in second place and well ahead of Westpac (74.3%) and ANZ (73.2%).
The banks outside of the big four remain well ahead of them with a satisfaction level of 85.4% compared to the big four average of 76.0%. The Mutual Sector, comprising mutual banks, building societies and credit unions have an average satisfaction level of 89.2%. This puts them in a potentially strong position if govt moves recently to make switching easier are accepted by consumers.
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“In addition to home loan customers being a drag on overall satisfaction, we have also seen that small business owners have much lower satisfaction with their personal banking than other customers. With micro businesses making up nearly two million businesses in Australia, dissatisfaction among this segment has the potential to significantly impact customer satisfaction in the consumer market.”
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