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Major bank satisfaction levels recovering

Bank satisfaction is “trending up” after taking a hit during and immediately after commissioner Hayne’s 11-month inquiry into financial sector misconduct, according to Roy Morgan. 

Roy Morgan’s latest customer satisfaction and financial institutions advocacy reports have shown that, despite customer satisfaction and net promoter score (NPS) levels of the big four banks falling in the wake of the financial services royal commission, things have started “trending up”.   

Customer satisfaction reached 75.9 per cent in April, up 0.6 of a percentage point since February, while NPS was marginally positive at 0.4, up from -1.6, but below the pre-royal commission score of 2.8.

The reports also revealed that CBA has the highest satisfaction figure, at 78.1 per cent, among the big four.

Ranking second among the majors was Westpac, with satisfaction levels at 74.7 per cent, followed by ANZ at 74.4 per cent and NAB at 72.7 per cent.

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Norman Morris, industry communications director at Roy Morgan, said: “What we are seeing recently, however, are positive signs in improving customer attitudes towards their banks as adverse publicity declines and findings are implemented by banks.”

He continued: “A major challenge remaining for the big four banks is to reduce the increasing lead that the smaller banks have in satisfaction and NPS.”

“In order to do this, it is important for the big four to understand the many factors that drive the level of customer satisfaction and advocacy in banks, so as to prioritise improvements.”

Roy Morgan said the focus of the royal commission on the big four banks may have had a “bigger impact on their rating”, which is down 3.3 percentage points from prior to the commencement of Hayne’s inquiry, compared to a decline of only 1.1 percentage point for banks outside of the big four.

Non-big four banks currently hold a satisfaction rating of 83.8 per cent, well ahead of the big four ratings.  

Further, among the smaller banks, Bendigo Bank had the highest satisfaction levels, at 90.1 per cent, followed by ING with 89.9 per cent.

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Similarly, smaller banks continued to have higher NPS scores, at 24, compared to the big four banks’ 0.4 score in April. This is higher than their pre-royal commission NPS of 23.4.

[Related: CBA weaknesses ‘not unique’ in industry: APRA]

Major bank satisfaction levels recovering
Customer satisfaction
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Ezekiel MacNevin

Ezekiel is a journalist on the mortgages, property investment and wellness titles at Momentum Media. 

Before joining the team in 2019, he was a freelance journalist for Vice Australia, Pulse Radio and the Sydney-based travel publication Global Hobo, among others. 

Ezekiel studies a double Bachelor of Communications and International Studies at the University of Technology, Sydney.

You can email Ezekiel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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