Mortgage customers happier with non-majors

by AB31 Jan 2018

Mortgage customers are more satisfied with smaller banks than the big four, findings from a Roy Morgan survey show.

The six largest banks outside of the big four have all scored higher satisfaction ratings than the majors in the six months to December 2017. 

Home loan customer satisfaction remains a challenge for the major banks, said Norman Morris, Roy Morgan’s industry communications director. "The lower satisfaction of home loan customers of the big four is having a negative impact on their overall customer satisfaction and as a result is likely to be also impacting advocacy levels."

Of the top 10 banks, Bendigo Bank has again bagged the highest home-loan customer satisfaction with 92.1%, followed by the Bank of Queensland with 87.0%, ING with 86.1%, and Suncorp Bank with 85.1%. 

These banks have higher satisfaction among their mortgage customers than their non-mortgage clients. In contrast, the big four have seen lower satisfaction among their mortgage customers than the non-mortgage ones.

ANZ has received the highest home-loan customer satisfaction among the big four with 78.0%, ahead of NAB (76.9%), CBA (76.3%) and Westpac (73.7%). 

ING, ANZ, and Bank of Queensland have seen the biggest boost in home-loan customer satisfaction among the 10 largest banks. 

Roy Morgan’s Single Source survey shows improved overall customer satisfaction with banks in the six months to December 2017 with a rate of 80.8%. This was up from 80.6% the previous month. 

“Despite considerable negative publicity surrounding banking in the run up to the banking royal commission, it is worth understanding what bank customers think regarding their banks. Current levels of satisfaction with banks are close to a two decade high at over 80% and well above levels of around only 58% seen back in 2001,” said Morris.

CBA has maintained the highest consumer banking satisfaction rating among the big four with 79.6%, despite being hit with scandals the past few years. NAB comes in second with 78.6%, followed by ANZ (78.1%) and Westpac (77.9%). 

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