Mutual banks trump big four on satisfaction

The Roy Morgan Consumer Satisfaction Report for February 2017 revealed the average satisfaction level for the big four in February was 79.9 per cent, compared to the mutual banks’ average of 90.3 per cent.

“The best performers among the mutual banks were Greater Bank (95.7 per cent), Teachers Mutual Bank (92.2 per cent) and Heritage Bank (91.8 per cent), all well ahead of the top-ranking big four bank, the CBA, on 81.7 per cent,” Roy Morgan said.

Of the other big four banks, NAB had an 80.1 per cent satisfaction rating, ahead of ANZ (78.1 per cent) and Westpac (77.3 per cent).

Roy Morgan data from earlier this year revealed the average customer satisfaction rating for the big four in November 2016 was 79.5 per cent, compared to the mutual bank’s average of 90.1 per cent.

Satisfaction with banks overall was at 81.9 per cent, only one percentage point lower than the 20-year high of 82.9 per cent recorded in 2015.

Roy Morgan Research industry communications director Norman Morris said, “Satisfaction with banks has been trending up strongly for more than a decade and over the last two years it has plateaued rather than showing any real signs of a decline.

“It is important to understand this long-term trend because it is easy to get side-tracked by the impact of short-term events, which happen regularly but generally have little lasting effect.”