Big four customers wouldn't recommend their bank

by Adam Smith06 Dec 2011

Customers of the big four banks are hesitant to recommend them to friends and family, a survey has found.

The satisfaction poll, conducted by consumer group CHOICE, found that 62% of the major banks' customers rated their overall service as very good or excellent. The result compares to an 89% satisfaction rating for mutuals and online banks.

The survey also found customers of the big four were "very unwilling" to recommend their bank to friends or family, while credit union customers were "enthusiastic proponents" of their financial institutions.

Dissatisfaction did not necessarily equate to action, however. Ninety per cent of big four customers said they were unlikely to switch banks, saying they were unlikely to find a better deal elsewhere.