New results from Roy Morgan show that customer satisfaction with banks in the six months to February 2018 was 81.0%, down marginally from 81.2% in January. This level still represents a positive result when seen in the context of the long term monthly average of 73.8% calculated since 2001.
ING, St George and Westpac show improved satisfaction
Of the ten largest consumer banks, ING showed the biggest improvement in satisfaction over the last month, up 1.1% points to 86.3%, followed by St George up 0.6% points (to 83.9%) and Westpac up 0.2% points (to 78.1%). The remainder of the big four showed only marginal declines, with CBA down 0.1% points (to 80.0%), NAB down 0.2% points (to 78.9%) and ANZ down 0.2% points (to 78.4%). Each of the big four remain below the overall bank satisfaction level of 81.0%.
Consumer Banking Satisfaction – 10 Largest Consumer Banks1
Source: Roy Morgan Single Source (Australia). 6 months to January 2018. n= 23,945; 6 months to February 2018, n = 23,887. Base: Australians 14+. 1. Based on customer numbers. 2. Includes banks not shown.
Bendigo Bank retained the highest satisfaction rating among the ten largest banks with 87.8%, followed by ING (86.3%), St George (83.9%), Bankwest (83.7%) and Bank of Queensland (83.6%).
Satisfaction with mobile banking is well ahead of branches
The rapid increase in the use of mobile banking, with its higher satisfaction levels compared to branches, appears to have the potential to positively impact overall bank satisfaction. All four of the major bank’s customers have higher satisfaction with their mobile banking compared to those using branches. Internet banking users also have higher satisfaction than those using branches but on average remain a little below that of mobile bankers. The fact that around two thirds (65.3%) of the population now use either mobile banking or internet banking in an average four week period (and showing an upward trend) is a positive for bank satisfaction as these channels have satisfaction ratings of up to 92% compared to around 86% for branches.
Satisfaction with Banking Channel Used in the Last 4 Weeks
Source: Roy Morgan Single Source (Australia). Six months ended February 2018, n = 23,887. Base: Australians 14+.1. Using an App on a mobile phone or tablet. 2. Using an institutions website. 3. Includes Banks not shown, Building Societies and Credit Unions
The CBA has the highest satisfaction of the four majors for mobile banking with 92.9% and for internet banking (91.1%) and is a close second for branch banking with 86.0%. NAB with 90.8% and Westpac with 91.0% have their highest satisfaction ratings for mobile banking, while the ANZ scored their highest satisfaction with 89.2% for internet banking.
These latest results are from Roy Morgan’s Single Source survey of over 50,000 consumers per annum.
