Double displeasure: Major bank leads satisfaction decline

by Adam Smith22 May 2012

The majors have all drawn the ire of consumers for their out-of-cycle rate moves, but one has taken the brunt of the anger with its satisfaction dropping more than twice that of its rivals.

ANZ has seen its customer satisfaction fall by 3.1% for the three months to May, more than double that of the other major banks. The bank has taken the heat from borrowers for initiating February's out-of-cycle rate hikes as first mover following the RBA meeting.

Home loan customers have been particularly tough on ANZ, with satisfaction among its mortgage holders down 5.6% over the last three months. By comparison, Westpac saw its mortgage customer satisfaction decline 3.3%, CBA was down 1% and NAB actually increased home loan satisfaction by 0.4%.

The decline has seen Commonwealth Bank move to second among the majors in terms of satisfaction, at 77.2%. NAB remained the leader in customer satisfaction at 77.7%, while ANZ fell to third place at 75.5%. Westpac remained last among the big four at 75%.

The major banks have now seen their third consecutive month of satisfaction declines. Satisfaction with the big four on a whole fell 0.4% in April, following a 0.4% decline in March and a 0.5% drop in February.

But the major banks remain ahead of where they were last year. NAB is up 5.8% in satisfaction over the last 12 months, while CBA has seen a 5.7% increase, Westpac has risen 1.1% and ANZ has managed a 0.3% improvement.

Related stories:

Big four get a bad rep from businesses

Big four lose more ground in satisfaction

Out-of-cycle hikes see banks cop it from customers


  • by Broker 22/05/2012 1:44:29 PM

    Wouldn't think any of the majors are too concerned about these figures, afterall it's all about profit isn't it?