Customer dissatisfaction with the major banks is on the increase, according to Roy Morgan’s Customer Satisfaction monthly report for May.
It showed a 0.3% overall dip in satisfaction levels across the major banks, with ANZ and Westpac suffering the lowest results.
ANZ’s satisfaction level was the lowest since August 2009 at 73.8%, which was largely attributed to a 2.5% drop in satisfaction amongst home loan customers.
Westpac followed closely behind with a 74.6% satisfaction rating, while NAB and CBA enjoyed a modest increase, although not enough to push them ahead of Bank of Melbourne and St George.
Meanwhile, new mutual banks and building societies are seeing a significant increase in satisfaction levels. Norman Morris, industry communications director at Roy Morgan, believes the alternative banks need to capitalise on this shift in customer attitudes.
“With the government 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,” he said.