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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