Consumers are more satisfied with their banks than at any time in nearly two decades.
New figures from Roy Morgan Research show that consumer banking satisfaction hit an 18-year record high in November of 82.8%. The result is up slightly from October's 82.6%, and up from 81.3% a year ago.
Consumer satisfaction rankings between the major banks has remained close. Commonwealth Bank narrowly edged out Westpac to lead the rankings among the majors at 81.8% to Westpac's 81.2%. NAB
followed closely at 80.7% and 79.7%, respectively.
But non-major banks far outpaced their big four rivals. Of the 10 largest consumer banks, non-majors took the top six spots. ING
Direct saw the highest satisfaction rating at 89.4%. Bendigo Bank
followed at 89%, while Suncorp was third at 88.6%. Bank of Queensland
, St. George and Bankwest also saw higher consumer satisfaction ratings than the majors.
In spite of historically low home loan rates, the major banks scored higher among non-home loan customer than home loan customers. The big four saw an overall satisfaction improvement of 1.5% over the year for non-home loan customers, while satisfaction among those with home loans fell 0.3%.