CBA tops home loan satisfaction amongst majors

New research for the big four banks shows satisfaction levels amongst customers improving across the board

CBA tops home loan satisfaction amongst majors



Consumer satisfaction at the four major banks has increased during April, bringing the current levels well above the long-term average.

The latest Roy Morgan research polled more than 50,000 consumers and found that consumer satisfaction with the big four was at 80.1% in the six months prior to April. This was a small increase of 0.3% from the same period in 2016 and was above the long-term average of 74.9% recorded since 2005.

However, home loan customers continue to be worse off with satisfaction levels sitting at 78.0% compared to 80.5% for other types of customers. Over the past year, the big banks have closed this gap marginally, researchers found.

Amongst the big four banks, consumer satisfaction levels are as follows:
  • Commonwealth Bank of Australia (CBA): 81.4%
  • National Australia Bank (NAB): 80.2%
  • Australia & New Zealand Banking Group (ANZ): 78.7%
  • Westpac: 78.1%
Westpac experienced the largest improvement in April, moving up 0.7% as a result of increases in scores for both home loan and non-home loan customers.

Home loan customers at CBA experienced the highest satisfaction levels at 78.8%. This was followed by Westpac (78.5%), NAB (77.3%) and ANZ (77.0%). The biggest improvement in this area was for ANZ (up 1.0%) and NAB (up 0.9%).

For non-home loan customers, CBA again leads at 81.9%. This is followed by NAB (81.0%), ANZ (79.1%) and Westpac (78.0%).

“Roy Morgan data shows that customer satisfaction with the big four banks remains well above their long term average and after trending up strongly for more than a decade, for the last two years it has plateaued rather than showing any real signs of declining,” said Norman Morris, industry communications director at Roy Morgan Research.

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