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Satisfaction spikes for banks after royal commission slump

Westpac, Commonwealth Bank, NAB and ANZ

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.

Satisfaction spikes for banks after royal commission slump
Westpac, Commonwealth Bank, NAB and ANZ
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