Banks see increase in customer satisfaction ratings

by Mark Rosanes14 Jan 2021

Australia’s leading banks have experienced an increase in their customer satisfaction ratings among home loan clients despite the challenges brought about by the COVID-19 pandemic, a new survey has revealed.

Data gathered from face-to-face interviews with 50,000 Australians by research firm Roy Morgan has shown an increase of 4.8 percentage points in the satisfaction ratings of mortgage clients for all leading banks, rising to 79% in November from 74.2% from the previous year.

The survey covered six months ending in November 2020.

ING achieved the highest satisfaction rating among home loan customers at 94.4%, up from 92.3% the previous year. It was followed by ME Bank’s 89.8%, Bankwest’s 88.2%, and Bendigo Bank’s 87.8%.

Rounding up the top five was Suncorp, which registered the biggest rise in customer satisfaction at 85.1%, a year-on-year increase of 12.6 percentage points. St. George (81.3%), CBA (79.5%), NAB (77.8%), ANZ (74.9%), and Westpac (73.2%) all recorded gains as well.

CBA posted the highest home loan customer satisfaction rating among the big four banks. Overall, client satisfaction among the big four was 77.1%.

Michele Levine, chief executive officer at Roy Morgan, said the rise in client satisfaction reflected customers’ confidence in the responses undertaken by the banks to address the unprecedented challenges caused by the coronavirus outbreak.

“The response of Australian banking and financial institutions to the COVID-19 pandemic has been rewarded with customer satisfaction ratings of home loan customers increasing for all ten leading banks compared to a year ago,” she said.

“The increasing satisfaction for the banks throughout last year has continued a trend that began with the conclusion of the Finance Royal Commission nearly two years ago in early 2019. In hindsight, it’s clear Australia’s banks have taken the findings of the Royal Commission seriously and significantly improved their behaviour and responsiveness to customer needs.”