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Satisfaction with banks drops, but most customers unmoved by royal commission

Satisfaction, customer, Royal commission

Customer satisfaction with the major banks has declined during the banking royal commission, but customers are largely satisfied, according to new data.

The latest findings from Roy Morgan’s Customer Satisfaction-Consumer Banking in Australia August Report found that although satisfaction with banks overall has shown a decline during the royal commission, not all banks have moved the same way.

Of the 10 largest banks shown in the following chart, the two best performers, ING with 88.8 per cent satisfaction and Bendigo Bank (88.4 per cent), did not show declines, Roy Morgan said.

Bucking the trend, ING showed an improvement of 3.6 percentage points since January and Bendigo Bank remained unchanged.

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In contrast, satisfaction with NAB was down by 3.9 percentage points over this period, followed by Westpac (down 3.6 percentage points), ANZ (down 2.7 percentage points), Suncorp Bank (down 2.6 percentage points) and CBA (down 2.5 percentage points).

CBA retains its position of having the highest satisfaction among the big four with 77.6 per cent, followed by the ANZ (75.9 per cent), NAB (75.2 per cent) and Westpac (74.3 per cent).

“Given the continuing barrage of negative publicity from the royal commission and other issues, including out of cycle loan rate increases, it is not surprising that satisfaction with banks has shown a small decline this year,” said Roy Morgan industry communications director Norman Morris.

“What needs to be noted, however, is that contrary to all the negative reporting on banks, the clear majority of their customers are satisfied with them and that only around 6 per cent claim to be dissatisfied.”

The survey is based on interviews conducted face-to-face with over 50,000 consumers per annum in their homes, including over 4,000 bank customers per month, Roy Morgan said.

Satisfaction with banks drops, but most customers unmoved by royal commission
Satisfaction, customer, Royal commission
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