Borrow
Customer satisfaction with big four banks on the rise
Satisfaction and loyalty levels for customers at the big four banks have improved and are now on par with pre-Hayne royal commission data, new research has shown.
Customer satisfaction with big four banks on the rise
Satisfaction and loyalty levels for customers at the big four banks have improved and are now on par with pre-Hayne royal commission data, new research has shown.
A new report from Roy Morgan has found that the big four banks have all seen improvements to their Net Promoter Score (NPS) – the management tool used to gauge customer loyalty and retention levels.
According to the research, the leading big four bank with regard to the NPS is the Commonwealth Bank of Australia, which is now rated at 7.2, up 3.3 points since February 2019.
It’s miles ahead of the other three comprising the big four, which, while noting improvements, are still squarely in negative territory.
Westpac jumped 6.4 points to -0.8; NAB has improved by 2.9 points to -2.7, while ANZ grew by 2.5 points to a score of -4.4.
Commenting on the results, Roy Morgan CEO Michele Levine said the improving NPS has been matched by improving customer satisfaction scores throughout the sector.
She said overall satisfaction with the big four banks has increased to 76.1 per cent.
“The handing down of the finance royal commission in early February this year marked a low point for Australia’s banks, and the latest NPS of banks across the industry including the big four shows a steady improvement over the last five months,” Ms Levine stated.
Despite improvements in satisfaction, Ms Levine is wary about whether Australia’s major financial institutions have completely cleaned up their image post-royal commission.
“Although it might appear the worst of the finance royal commission issues are now firmly in the rear-view mirror, the news last week that ASIC will be taking the NAB to court for alleged breaches of the law suggests the banks are still not entirely out of the woods yet,” the CEO commented.
The Roy Morgan report also noted that smaller financial institutions continue to outperform their bigger rivals.
Teachers Mutual Bank now holds the highest NPS with a score of 52.6 in the most recent report.
Other banks that have shown improvements to their NPS since the royal commission include ING at 52.2, Bank Australia at 50, Heritage Bank at 46.9, Greater Bank at 32.9, Bank SA at 15.1, Bank West at 13.1 and Suncorp Bank at 10.6.
About the author
About the author
Banking
368k Australians potentially eligible for Westpac class action: Are you one of them?
The Federal Court is set to notify 368,000 Australians that they might be eligible to join a consumer credit class action against the big four bank. ...Read more
Banking
Government introduces royal commission laws
The government is striving to implement a number of the royal commission recommendations in a package that was recently introduced to Parliament. ...Read more
Banking
ANZ cops $10m penalty for wrongful fees
The Federal Court of Australia has found that banking giant ANZ engaged in unconscionable conduct and breached its obligations as a financial services licensee. ...Read more
Banking
How $800m could make banking better
The federal government’s digital business plan to drive Australia’s economic recovery “will make banking faster and easier”, according to an industry group. ...Read more
Banking
How sneaky fees could be costing you hundreds
As many as a quarter of Australians are being stung with unknown, unfair or incorrect banking fees, with the costs adding up during the COVID-19 pandemic, an expert has revealed. ...Read more
Banking
Westpac hit with biggest fine in corporate history
Australian banking and financial services giant Westpac has reached an agreement with AUSTRAC to pay $1.3 billion for breaching anti-money laundering and counter-terrorism financing laws. ...Read more
Banking
6 ways to know you need a new bank
Unhappy with your current bank? Here’s how to know if you need to make a change. ...Read more
Banking
The banks beating the big 4 when it comes to customer satisfaction
Midsize banks are the biggest winners in a new survey of bank customer satisfaction. ...Read more
Banking
368k Australians potentially eligible for Westpac class action: Are you one of them?
The Federal Court is set to notify 368,000 Australians that they might be eligible to join a consumer credit class action against the big four bank. ...Read more
Banking
Government introduces royal commission laws
The government is striving to implement a number of the royal commission recommendations in a package that was recently introduced to Parliament. ...Read more
Banking
ANZ cops $10m penalty for wrongful fees
The Federal Court of Australia has found that banking giant ANZ engaged in unconscionable conduct and breached its obligations as a financial services licensee. ...Read more
Banking
How $800m could make banking better
The federal government’s digital business plan to drive Australia’s economic recovery “will make banking faster and easier”, according to an industry group. ...Read more
Banking
How sneaky fees could be costing you hundreds
As many as a quarter of Australians are being stung with unknown, unfair or incorrect banking fees, with the costs adding up during the COVID-19 pandemic, an expert has revealed. ...Read more
Banking
Westpac hit with biggest fine in corporate history
Australian banking and financial services giant Westpac has reached an agreement with AUSTRAC to pay $1.3 billion for breaching anti-money laundering and counter-terrorism financing laws. ...Read more
Banking
6 ways to know you need a new bank
Unhappy with your current bank? Here’s how to know if you need to make a change. ...Read more
Banking
The banks beating the big 4 when it comes to customer satisfaction
Midsize banks are the biggest winners in a new survey of bank customer satisfaction. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
