Bank satisfaction at all-time high

by Adam Smith24 Jan 2013


The major banks have maintained their highest levels of customer satisfaction on record, but home loan customer satisfaction still lags behind.
The Roy Morgan Research Consumer Banking Customer Satisfaction Report has found satisfaction with the big four remained unchanged in December at 78.4%. The result sees the majors at their highest satisfaction levels since the series began in 1996.
But a gap remains between home loan customer satisfaction and satisfaction among non-home loan customers. Those without a mortgage rate the majors at 79.7% satisfaction, while home loan customer satisfaction is at 72.9%.
"The extensive publicity being given in 2012 to banks not passing on the full reduction in the cash rate is likely to have impacted adversely on home loan customers as the gap in satisfaction at the start of the year was much less. A reduction in the loan rate would normally be expected to be seen as a positive by borrowers unless it is perceived to be less that it should," communications director Norman Morris said.
Morris said the gap in satisfaction is curious, as home loan customers have reaped benefits from rate reductions, while non-home loan customers have taken a hit on their deposits.
NAB retained its spot as highest among the big four in customer satisfaction, at 79.8%, followed closely by Commonwealth Bank at 79.7%. Westpac increased its rating by 0.3% over the month to 76.8%, while ANZ remained steady at 76%.