Banking satisfaction hits highest level in nearly two decades

by Adam Smith17 Dec 2014
Consumers are more satisfied with their banks than at any time in nearly two decades.

New figures from Roy Morgan Research show that consumer banking satisfaction hit an 18-year record high in November of 82.8%. The result is up slightly from October's 82.6%, and up from 81.3% a year ago.

Consumer satisfaction rankings between the major banks has remained close. Commonwealth Bank narrowly edged out Westpac to lead the rankings among the majors at 81.8% to Westpac's 81.2%. NAB and ANZ followed closely at 80.7% and 79.7%, respectively.

But non-major banks far outpaced their big four rivals. Of the 10 largest consumer banks, non-majors took the top six spots. ING Direct saw the highest satisfaction rating at 89.4%. Bendigo Bank followed at 89%, while Suncorp was third at 88.6%. Bank of Queensland, St. George and Bankwest also saw higher consumer satisfaction ratings than the majors.

In spite of historically low home loan rates, the major banks scored higher among non-home loan customer than home loan customers. The big four saw an overall satisfaction improvement of 1.5% over the year for non-home loan customers, while satisfaction among those with home loans fell 0.3%.