Big bank customer satisfaction competition narrows

by Adam Smith26 Aug 2014
The competition for top spot in customer satisfaction ratings among the major banks is narrowing, new research has shown.

The latest Roy Morgan Research banking customer satisfaction survey has seen Commonwealth Bank retain its top spot among the majors for customer satisfaction at 81.5%. But Westpac has narrowed CBA's lead, ranking 80.2% for customer satisfaction. Over the last month, CBA's lead over Westpac has shrunk from 2.2% to 1.3%.

Westpac also saw the biggest improvement in satisfaction, up 0.3%. ANZ also saw its score improve, rising 0.1%. NAB and CBA both saw declines, with NAB's customer satisfaction score falling 0.4% and CBA's reducing by 0.6%.

While Westpac's overall customer satisfaction score improved, satisfaction among its home loan customers fell by 1%. CBA also saw its score among home loan customers decline, falling by 1.3%, while satisfaction among its non-home loan customers also dropped by 1.3%. NAB also lost ground among both home loan and non-home loan customers, while ANZ was the only major to see satisfaction improve among both groups.

The major banks as a group held steady in customer satisfaction at 80.5%, but remain well behind building societies (91.6%), credit unions (90.8%), mutual banks (87.9%), foreign-owned banks (85.8%) and other banks (85%).