The rapid growth of internet banking has resulted in higher satisfaction levels among customers, according to a recent survey by Roy Morgan Research.
The report found that when it comes to internet banking, the average satisfaction rate sits at 90.2 per cent, compared to 88.4 per cent for branches.
Furthermore, the use of internet banking has increased from 58.6 per cent to 62.2 per cent since 2013.
With the rapid growth in internet banking, Roy Morgan Research industry communications director Norman Morris said it will be increasingly important that satisfaction with this channel is monitored against competitors and with other methods for dealing with banks for the trend to continue.
“A great deal of attention is currently being paid to overall satisfaction and advocacy across the banking industry, but this needs to be expanded to looking at satisfaction at the channel level as this is likely to impact overall satisfaction,” he said.
While internet banking via a website remains the most popular channel used, its use declined marginally from 53.1 per cent in 2013 to 52.5 per cent in 2015. The use of mobile banking increased from 26.2 per cent in 2013 to 33.6 per cent.
In terms of satisfaction, internet banking via a website recorded the highest satisfaction rate, coming in at 90.4 per cent. This is followed by mobile banking with a 89.9 per cent satisfaction rate.
“It is worth noting that clearly the highest users of website internet banking are the high-value customer ie. the top 20 per cent (top quintile) that controls 63 per cent of the total market value of financial services,” Mr Morris said.
“Nearly three-quarters of this high potential group conduct internet banking using the website, making it imperative to understand functionality needs, reliability and satisfaction with this critical segment.”
Roy Morgan Research also found that internet banking satisfaction levels for each of the major banks differed.
Suncorp recorded the highest level of customer satisfaction with internet banking, coming in at 93.3 per cent. This was followed by CBA with 92.7 per cent.
ANZ, St George and Westpac recorded internet banking satisfaction levels of 89.9 per cent, 88.0 per cent and 87.9 per cent respectively.