A new lender has climbed to the top of the major bank rankings for the first time in a decade.
Westpac scored a personal customer satisfaction rating of 81.5 per cent for the six months to 31 October 2014, according to a Roy Morgan Research survey of more than 50,000 people.
That put it ahead of the Commonwealth Bank on 81.2 per cent, NAB on 81.0 per cent and ANZ on 79.9 per cent.
The big four banks had an average rating of 81.0 per cent – well down on the mutual bank rating of 89.9 per cent.
There has been considerable change in the relative satisfaction rankings of the major banks since 2005, according to Roy Morgan.
“Between 2005 and 2010, ANZ was clearly on top, whereas they have now slipped to fourth place,” Roy Morgan said.
“The Commonwealth Bank, NAB and Westpac have climbed steadily since 2005, with the result that currently only 1.6 per cent points separates all four banks compared to 9.2 per cent points in June 2005.
“This closing of the gap gives very little competitive advantage in customer satisfaction to any of the major banks.”