Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Mutuals topple big four in consumer satisfaction

Mutuals topple big four in consumer satisfaction

Consumer satisfaction has improved across the big four banks but remains behind the mutual sector, according to Roy Morgan Research.

The group’s latest Single Source survey of over 50,000 people found that despite the big four improving consumer satisfaction rates by one percentage point to 82.5 per cent over the last 12 months, the mutual banks have retained their lead, improving by three percentage points to 92 per cent.

Teachers Mutual Bank holds the best performing title overall, with a consumer satisfaction rate of 94.4 per cent.

Advertisement
Advertisement

Of the big four banks, CBA was the leader in overall satisfaction at 82.5 per cent, followed by Westpac at 81.3 per cent, with NAB at 81.8 per cent and ANZ at 79.1 per cent.

The survey also suggested that consumer satisfaction differs depending on the respondents’ age group.

Respondents aged 70 and over recorded the highest overall consumer satisfaction rate at 88.8 per cent.

This was followed by 14-21 year olds at 87 per cent, 60-69 year olds at 83.7 per cent and 22-34 year olds at 82.9 per cent.

Respondents in the 35-59 age group, which accounts for 56.3 per cent of total market share, had the lowest overall consumer satisfaction rate at 80 per cent.

Mutuals topple big four in consumer satisfaction
mortgagebusiness

 

Latest News

According to the CEO of a non-major bank, rate cuts and softer lending guidance will not be enough to spark a rebound in home lending growth...

Short-termism, complacency and a lack of accountability are among the issues that have led to ANZ Bank failing its customers, chair David Go...

The supply of new homes is expected to reach its low point soon if economic activity improves, dwelling prices stabilise, and credit tighten...

FROM THE WEB
podcast

LATEST PODCAST: Acquisitions and evolution

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.