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For Immedia Te R Elea Article No. 7514 Available on www.roymorgan.com Link to Roy Morgan Profiles Tuesday, 27 February 2018 Satisfaction with banks up again in January New results from Roy Morgan show that customer satisfaction with banks in the six months to January 2018 was 81.2%, up from 80.8% in December. This represents a very positive result for the banking industry as it follows the increase seen in December and is the best figure seen since June 2017. It is now also well above the long term average of 73.8% calculated since 2001. These latest results are from Roy Morgan’s Single Source survey of over 50,000 consumers per annum. ANZ, CBA and NAB show improved satisfaction E Of the big four banks, the ANZ, CBA and NAB each showed an improvement of 0.5% points between December and January, while Westpac remained unchanged. The CBA has maintained the highest satisfaction rating among the big four in January with 80.1%, followed by the NAB (79.1%), ANZ (78.6%) and Westpac (77.9%). Consumer Banking Satisfaction - 10 Largest Consumer Banks 1 FOR IMMEDIATE RELEAS FOR IMMEDIATE Source: Roy Morgan Single Source (Australia). 6 months to December 2017, n= 24,984; 6 months to January 2018, n= 23,945 Base: Australians 14+. 1. Based on customer numbers.2. Includes banks not shown. Among the ten largest consumer banks, Bendigo Bank retained the highest satisfaction rating in January with 88.4%, followed by Bank of Queensland (85.8%), ING (85.2%), Bankwest (84.4%), St George (83.3%) and Suncorp Bank (81.9%). The banks outside of the big four that showed improved satisfaction in January were Bankwest up 1.1% points, ING (up 0.9% points) and St George (up 0.1% point). There were small declines in satisfaction seen by Bendigo Bank (down 0.4% points), Bank of Queensland (down 0.2% points) and Suncorp Bank (down 0.1% point). A.B.N. 91 007 092 944 I Head Office: Tonic House: 386 Flinders Lane, Melbourne Vic 3000 I Telephone: +61 (3) 9629 6888 I www.roymorgan.com Mortgage customers more satisfied with smaller banks The mortgage customers of the smaller banks continue to have higher satisfaction ratings than the big four. Bendigo Bank remains the highest home-loan performer (among the 10 largest banks) with 91.8% satisfaction, well ahead of their nearest competitors, ING on 87.6%, Bank of Queensland (86.9%), St George (86.2%) and Suncorp Bank (84.9%). These strong performers all have higher satisfaction among their mortgage customers compared to their non-mortgage customers, unlike the big four where non-mortgage customers have the highest satisfaction. Satisfaction of Mortgage and Non-mortgage Customers – 10 Largest Consumer Banks 1 Source: Roy Morgan Single Source (Australia). 6 months to December 2017, n= 24,984; 6 months to January 2018, n= 23,945. Base: Australians 14+. 1. Based on customer numbers. The NAB narrowly has the highest home-loan customer satisfaction among the big four with 77.7%, just ahead of the ANZ (77.6%), CBA (76.0%) and Westpac (74.1%). The biggest improvers in home-loan customer satisfaction in January among the ten largest banks were St George up 2.3% points, ING (up FOR IMMEDIATE RELASE FOR IMMEDIATE 1.5% points) and Bankwest (up 1.4% points). Norman Morris, Industry Communications Director, Roy Morgan, says: ““It is somewhat surprising to see that satisfaction among bank customers has improved over recent months, at the same time as they face considerable negative publicity surrounding the Financial Services Royal Commission as it gets underway. It appears that this publicity, by its nature, only involves a small percentage of consumers, as shown by the fact that satisfaction with banks is improving and close to an all-time high. “Despite low interest rates, home loan customers of the big four banks are not only less satisfied than their other customers but are well behind the satisfaction of the home loan customers of the smaller banks. This remains a problem in the highly competitive home loan market as well as being a drag on their overall satisfaction and advocacy levels. “The data shown here is only a very small part of the consumer finance data available from Roy Morgan. The full database enables a truly holistic and unique understanding of consumers financial behaviour and trends gathered from 50,000 interviews per annum across more than two decades.” To learn more about Roy Morgan’s banking satisfaction data, call (+61) (3) 9224 5309 or email [email protected]. Please click on this link to the Roy Morgan Online Store. About Roy Morgan Roy Morgan is the largest independent Australian research company, with offices in each state of Australia, as well as in the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan has over 70 years’ experience in collecting objective, independent information on consumers. Margin of Error The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate. Sample Size Percentage Estimate 40%-60% 25% or 75% 10% or 90% 5% or 95% 5,000 ±1.4 ±1.2 ±0.8 ±0.6 10,000 ±1.0 ±0.9 ±0.6 ±0.4 20,000 ±0.7 ±0.6 ±0.4 ±0.3 50,000 ±0.4 ±0.4 ±0.3 ±0.2 FOR IMMEDIATE RELASE FOR IMMEDIATE .
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