Big four mortgage customers can’t get no satisfaction

by Miklos Bolza29 Sep 2017
Mortgage customers at the major banks have once more reported lower levels of satisfaction than non-home loan customers, according to new research.

The latest Roy Morgan report, Customer Satisfaction Consumer Banking in Australia, showed that satisfaction levels amongst the big four’s home loan customers has fallen marginally with a decline of 0.4% over the last month to 75.7%. In contrast, levels for non-home loan customers dropped only 0.1% to 79.8% during this same time period.

The Commonwealth Bank of Australia (CBA) had the highest customer satisfaction levels amongst mortgage holders at 77.4%, although this fell by 0.7% over the last month. Results for the four major banks are as follows:
  Satisfaction Levels Monthly Change
CBA 77.4% -0.7%
NAB 75.4% +1.6%
Westpac 74.6% -1.5%
ANZ 74.1% -1.2%

National Australia Bank (NAB) was the only big four bank which improved its satisfaction levels amongst mortgage customers.

Non-major but on top

Once again, the non-major banks performed a lot better than the big four. Bendigo Bank recorded the highest levels of home loan customer satisfaction amongst the top ten banks in Australia with 96.3% (an increase of 0.6% over the month).

The smaller lenders, in order of best to worse results, can be found below:
  Satisfaction Levels Monthly Change
Bendigo Bank 96.3% +0.6%
Bank of Queensland 93.6% +2.8%
ING 86.8% +1.1%
St George 84.0% -0.2%
Suncorp 83.8% -1.7%
Bankwest 76.9% -0.6%

“In this release we have focused on mortgage customers across the major banks because of their impact on overall satisfaction and potential business outcomes,” said Roy Morgan Research industry communications director Norman Morris.

“The significance of looking at mortgage customers is due to the fact that they account for around three quarters of the total banking value or footings in the market, making satisfaction a key metric in growing and retaining customers in this segment.”

Mortgage customers are one “critical segment” which may have a significant impact on marketing and business success for the banks, he said.

Related stories:

Brokers “more scrupulous” than ever

Bank/Broker program tackles channel conflict

Auto club launches regional bank