Aussies more likely to recommend branchless banks

by Julia Corderoy26 Nov 2014
Australians have given ING Direct the tick of approval and are substantially more likely to recommend the branchless bank compared to traditional banks, new research has revealed.

The 2014/15 Financial Institution Consumer Loyalty & Recommendation Study conducted by Engaged Marketing found that ING Direct was the clear winner with a net promoter score of +38% (reflecting 38% more promoters than detractors), compared to the industry average of -6%. Australia’s ‘big four’ banks achieved an average score of -16%.

Credit unions also scored well, achieving an amalgamated net promoter score of +23%.  These were followed by a number of second tier banks, such as BOQ, Bendigo, Suncorp, Bankwest and St George, which had an average score of +3%.

Engaged Marketing Managing Director Christopher Roberts said the research suggested that Australians were becoming increasingly comfortable dealing with a bank largely through phone and online channels.

ING Direct, more than any other financial institution, has been able to articulate a clear point of difference and value proposition. That is, it is tailored to Australians who want a direct, branch-less experience and lower fees,” he said.