NAB toppled in consumer satisfaction rank

NAB has seen its run at the top of customer satisfaction rankings brought to an end by a bank that hasn't held the top spot for more than a decade



CBA’s consumer satisfaction rate reached 80% in January – the major bank’s highest rating since 1996, according to Roy Morgan Research.

The new figure means CBA has trumped NAB’s run at the top, a position it hasn’t held for more than a decade.

In January, three of the big four banks improved their rating, with Westpac up 0.5% points, CBA up 0.3% points and ANZ up 0.1% points. NAB, on the other hand, declined by 0.3% points.

Although CBA has the highest overall rating of the major banks, however, its home loan customers are not as satisfied as those at NAB, which maintains the top spot among this group.

Despite several reductions in home loan rates over the last 12 months, the home loan customers of each of the big four banks are less satisfied than other non-home loan customers.

#pb# The biggest difference is most significant among ANZ mortgage customers, who report a satisfaction level 6.8% points lower than customers who don’t have a home loan.

Despite historically high satisfaction by the major banks (78.6% satisfied), they’re still well behind mutual banks (90.9%), building societies (90.2%) and credit unions (88.8%) and over the last 12 months have made no progress at closing the gap.

Norman Morris, industry communications director at Roy Morgan Research, says CBA’s strong performance is the result of a ‘concerted effort’ over more than five years to be number one among the big four.

 “While the main focus of the major banks appears to be on improving…business customers of each of these banks have become less satisfied over the last 12 months and are now well below the satisfaction level of their personal customers. With positive signs beginning to appear in business confidence, the major banks will need to consider how to improve the satisfaction of their business customers if they are to retain and grow them.”

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