Home loan consumers driving bank satisfaction

by Julia Corderoy30 Jul 2015
Home loan customers have driven the gains in consumer satisfaction of the major banks over the past 12 months, new research shows.

Consumer research conducted by Roy Morgan Research revealed that the 3.2% point improvement in home loan customer satisfaction among the big four was responsible for the 0.6% point gain in overall satisfaction, as the non-home loan segment remained unchanged.

NAB fared the best in the survey taking out the best performer, up 7.2% points to 81.8%. This was followed by Westpac (up 4.2% points), ANZ (up 1.9% points) and CBA (up 1.2% points ).

Norman Morris, industry communications director at Roy Morgan Research says it is a combination of factors that has attributed to the overall happiness of home loan consumers.

“The decline in home loan interest rates over the last twelve 12 months appears to have resulted in improved customer satisfaction levels among home loan customers of the big four banks, which in turn has driven up overall satisfaction,” he said.

“Another positive contributing factor to the improvement in bank satisfaction over recent years is the flexibility now being offered  by all the major banks in how customers can deal with them i.e. channel selection. With mobile and internet banking now being more popular than other channels, combined with the fact that satisfaction levels with them is also higher, this combination is a likely contributor to overall satisfaction gains.”