Save
Satisfaction spikes for banks after royal commission slump
According to fresh market research, satisfaction in Australia’s banks has reported the first monthly improvement since the start of the financial services royal commission.

Satisfaction spikes for banks after royal commission slump
According to fresh market research, satisfaction in Australia’s banks has reported the first monthly improvement since the start of the financial services royal commission.

The latest findings from Roy Morgan’s Customer Satisfaction – Consumer Banking in Australia report, which involved a survey of over 4,000 bank customers in November 2018, found that bank satisfaction improved marginally, from 78.0 per cent in October to 78.1 per cent – the first monthly improvement since the start of the financial services royal commission in January 2018.
Roy Morgan noted that since the commencement of the royal commission, the level of bank satisfaction dropped 3.1 per cent, but remains above the long-term average of 74.3 per cent reported since 2001 and “well up” on the 58.7 per cent low of January 2001.
The Roy Morgan research also revealed that the level of indifference (neither satisfied or dissatisfied) among respondents is higher than the level of dissatisfaction.
The research found that the level of dissatisfaction with banks has increased from 4.9 per cent in January 2018, prior to the royal commission, to 5.6 per cent in November 2018, while the level of indifference increased from 14 per cent to 16.3 per cent over the same period.
Roy Morgan claimed that the combination of indifference and dissatisfaction levels means that more than one in five (21.9 per cent) bank customers “pose a potential threat to customer retention”, an increase from 18.9 per cent in January 2018 but below the 2001 level of 40.1 per cent.

Savings account
Are ‘nudges’ the secret ingredient to financial wellness?
Are better financial habits a simple reminder away? ...Read more

Savings account
Afterpay launches Money app, bank accounts and retroactive BNPL
Afterpay is upgrading its app-based arsenal. ...Read more

Savings account
2020 saw the fastest increase in bank deposits since the GFC
Bank deposits of Australian households increased by more than 12 per cent last year. ...Read more

Savings account
Australians are putting savings goals ahead of holiday plans
While travel restrictions are soon set to ease, Australians are still putting their savings goals first. ...Read more

Savings account
More than half of Aussie Millennials don’t have a savings plan
Money is remaining a taboo subject for Millennials, which is leading to poor saving habits, a big four bank has revealed. ...Read more

Savings account
COVID-19 sees Aussies reach record-high wealth
New stats have revealed that Aussies are now richer than ever, having stashed away their cash during a year marred by the COVID-19 pandemic and the resulting economic shutdown. ...Read more

Savings account
Saving more during the pandemic? Here’s where that money should go
If you’re finding that you’re saving more during the pandemic, you’re not alone. ...Read more

Savings account
Aussie savings goals put on hold due to COVID-19 pandemic
The COVID-19 pandemic has seen Australians being forced to dip into their life savings, which is impacting their ability to achieve financial goals, new research has found. ...Read more

Wrapping up an eventful 2021
Listen now

What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now

Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now

Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now

Savings account
Are ‘nudges’ the secret ingredient to financial wellness?
Are better financial habits a simple reminder away? ...Read more

Savings account
Afterpay launches Money app, bank accounts and retroactive BNPL
Afterpay is upgrading its app-based arsenal. ...Read more

Savings account
2020 saw the fastest increase in bank deposits since the GFC
Bank deposits of Australian households increased by more than 12 per cent last year. ...Read more

Savings account
Australians are putting savings goals ahead of holiday plans
While travel restrictions are soon set to ease, Australians are still putting their savings goals first. ...Read more

Savings account
More than half of Aussie Millennials don’t have a savings plan
Money is remaining a taboo subject for Millennials, which is leading to poor saving habits, a big four bank has revealed. ...Read more

Savings account
COVID-19 sees Aussies reach record-high wealth
New stats have revealed that Aussies are now richer than ever, having stashed away their cash during a year marred by the COVID-19 pandemic and the resulting economic shutdown. ...Read more

Savings account
Saving more during the pandemic? Here’s where that money should go
If you’re finding that you’re saving more during the pandemic, you’re not alone. ...Read more

Savings account
Aussie savings goals put on hold due to COVID-19 pandemic
The COVID-19 pandemic has seen Australians being forced to dip into their life savings, which is impacting their ability to achieve financial goals, new research has found. ...Read more