Mutuals topple big four in consumer satisfaction

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.

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.