Borrow
Banking approvals grow despite turbulent year
The big four banks are continuing to fall behind smaller authorised deposit-taking institutions, according to the latest customer satisfaction ratings.

Banking approvals grow despite turbulent year
The big four banks are continuing to fall behind smaller authorised deposit-taking institutions, according to the latest customer satisfaction ratings.

Roy Morgan’s Single Source survey has showed that ING has the highest banking approval rating, with the research house’s CEO, Michele Levine, considering the smaller bank as leading the way for both home loans and standard banking customers.
“ING is the only financial institution with a satisfaction rating higher than 90 percent and enjoys a strong lead over second-placed Bendigo Bank,” she stated.
Home loan customers have given ING a satisfaction rating of 90.9 per cent, followed by Bendigo Bank on 86.9 per cent.
The top 10 was comprised of Bankwest (81.6 per cent), BankSA (80.2 per cent), ME Bank (78.4 per cent), St.George (77.3 per cent), Suncorp (76.1 per cent), CBA (75 per cent), NAB (70.8 per cent), Westpac (69.3 per cent) and ANZ (66.6 per cent).
The satisfaction of non-home loan customers told a similar story, with ING once again leading the way with a rating of 92 per cent.
This was followed by Bendigo Bank on 88.3 per cent, then Suncorp (85.8 per cent), ME Bank (84.1 per cent), BankSA (82.4 per cent), St.George (80.9 per cent), CBA (79.4 per cent), Bankwest (77.2 per cent), Westpac (76.7 per cent), ANZ (76.1 per cent) and NAB (75.9 per cent).
“It’s no secret that 2019 has been a turbulent year for the Australian banking industry, with the banking royal commission report, record-low cash rates, a federal election, and APRA’s relaxing of consumer lending requirements,” Ms Levine noted.
“Perhaps surprisingly, despite this, customer satisfaction ratings of our banks have remained relatively stable,” she added.
About the author

About the author


Banking
Big banks push for BNPL regulations
The success of consumer take-up and the ease of credit provided by the buy now, pay later sector have seen the major banks renew calls for tighter restrictions on their products, an inquiry heard. ...Read more

Banking
Citi to exit consumer banking in Australia
US investment bank Citigroup has announced that it is pursuing an exit from the Australian market after 36 years. ...Read more

Banking
Westpac faces civil proceedings
The corporate regulator has commenced civil penalty proceedings against Westpac alleging the big four bank used misleading and unfair sales of consumer credit insurance. ...Read more

Banking
CBA to pay $7m penalty for overcharged interest
The Commonwealth Bank of Australia has been ordered to pay a $7 million penalty for charging an interest rate on business overdraft accounts that was substantially higher than what customers were advi...Read more

Banking
CBA taken to court over banking fees
ASIC has commenced civil penalty proceedings against the Commonwealth Bank of Australia, alleging that it charged clients millions in monthly fees when it was not entitled to do so. ...Read more

Banking
Big 4 bank offers $10m in grants to flood-affected customers
A big four bank has launched a $10 million Flood Support Fund to provide grants to customers and businesses in flood-affected areas. ...Read more

Banking
Guide to NSW flood financial aid: From the banks to insurers
The banks are offering customers affected by the NSW floods loan repayment deferrals, among other forms of financial aid, while the Insurance Council of Australia has declared a catastrophe for much o...Read more

Banking
APRA drops big 4 money laundering case
APRA has followed ASIC in closing its investigation into Westpac over the AUSTRAC scandal, which led to the largest corporate fine in Australian history. ...Read more

Is the market overheating; should ETFs take your fancy, and what’s happening to the low and middle income tax offset?
Listen now

Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now

Raging floods, the tech stock bubble and the ongoing SG debate
Listen now

Meet the Manager with Trilogy’s Philip Ryan: RBA rates and property price growth
Listen now

Banking
Big banks push for BNPL regulations
The success of consumer take-up and the ease of credit provided by the buy now, pay later sector have seen the major banks renew calls for tighter restrictions on their products, an inquiry heard. ...Read more

Banking
Citi to exit consumer banking in Australia
US investment bank Citigroup has announced that it is pursuing an exit from the Australian market after 36 years. ...Read more

Banking
Westpac faces civil proceedings
The corporate regulator has commenced civil penalty proceedings against Westpac alleging the big four bank used misleading and unfair sales of consumer credit insurance. ...Read more

Banking
CBA to pay $7m penalty for overcharged interest
The Commonwealth Bank of Australia has been ordered to pay a $7 million penalty for charging an interest rate on business overdraft accounts that was substantially higher than what customers were advi...Read more

Banking
CBA taken to court over banking fees
ASIC has commenced civil penalty proceedings against the Commonwealth Bank of Australia, alleging that it charged clients millions in monthly fees when it was not entitled to do so. ...Read more

Banking
Big 4 bank offers $10m in grants to flood-affected customers
A big four bank has launched a $10 million Flood Support Fund to provide grants to customers and businesses in flood-affected areas. ...Read more

Banking
Guide to NSW flood financial aid: From the banks to insurers
The banks are offering customers affected by the NSW floods loan repayment deferrals, among other forms of financial aid, while the Insurance Council of Australia has declared a catastrophe for much o...Read more

Banking
APRA drops big 4 money laundering case
APRA has followed ASIC in closing its investigation into Westpac over the AUSTRAC scandal, which led to the largest corporate fine in Australian history. ...Read more