Small lenders still winning on satisfaction

by Adam Smith23 Sep 2014
Smaller banks continue to lead the majors in customer satisfaction as bank satisfaction has hit an 18-year high.

The latest Roy Morgan Research consumer banking satisfaction survey has found the satisfaction level of personal banking customers rose to 82.3% in August, up slightly from 82.1% in July. The result represents an 18-year high for personal banking satisfaction. 

Commonwealth Bank maintained its lead, but now holds onto only a 0.3% edge over Westpac among total customers. Among main financial institution customers, however, Westpac has gained the lead over the other majors for the first time since 2003.

Westpac has shown the largest improvement in satisfaction among the majors over the last four months, up 2.1% to 80.7%. ANZ saw its ranking improve 1.5% to 79.7%, while both CBA and NAB lost ground. NAB saw its score fall 0.5% to 80.7%, while CBA fell 1.6% to 81%.

In spite of moves by Westpac, smaller banks still far outstrip the majors in terms of satisfaction. Teachers Mutual Bank leads the satisfaction rankings at 89.9%, followed by ING Direct at 89.7% and ME Bank at 88.9%.