Big four lose more ground in satisfaction

by Adam Smith24 Apr 2012

The big four have ceded more of the customer satisfaction improvement they gained last year.

Out-of-cycle moves by the major banks have continued to draw the ire of customers. Roy Morgan Research's Banking Custromer Satisfaction report has found that major banks declined again in March, following a drop in February. The decline in February was the first since March 2011.

Roy Morgan Research communications director Norman Morris said ANZ's position as first mover in its out-of-cycle rate rises had seen the bank hammered by its home loan customers.

"Over this period the satisfaction among ANZ home loan customers declined by 3.4% points, Westpac home loan customer satisfaction went down by 1.9% points,  NAB home loan customers fell 1.3% points and CBA  down 0.8% points," he said.

NAB continued to lead the pack in satisfaction numbers at 77.5%, but a 1.7% decline in March saw it just edge out ANZ at 77.4%. Commonwealth Bank remained third at 77%, while Westpac stayed at the bottom of the pile on 75.5%.

The majors remained well behind smaller players, however. Second tier ING Direct tallied 89.8% satisfaction, while Bendigo Bank had an 89.4% rating and ME Bank saw 86.4% satisfaction. Building societies and credit unions remained popular, with 91.1% and 88.7% satisfaction, respectively.

"It will be interesting to see if the superior performance by the smaller players can be translated into market share gains," Morris said.

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