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Roy Morgan announces 2014 winners of Banking and Finance Satisfaction Awards

There were some repeat winners and some first-time victories in the Banking and Finance categories awarded at the Annual Roy Morgan Customer Satisfaction Awards last night.

There were some repeat winners and some first-time victories in the Banking and Finance categories awarded at the Annual Roy Morgan Customer Satisfaction Awards last night.

Just as it did in 2013, the Commonwealth Bank blitzed its Big Four rivals throughout 2014. Having won 11 of the year’s monthly satisfaction awards, the CBA’s triumph in the Major Bank of the Year category was richly deserved.

While customer satisfaction with the Big Four banks hit record levels in 2014, the other, smaller banks achieved even higher satisfaction levels. In this crowded and hotly contested category, locally owned Western Australian bank P&N Bank scored its first Bank of the Year Award.

Maintaining its stranglehold on the Business Bank of the Year Award, which it has won every year since the Customer Satisfaction Awards began, Bendigo Bank proved yet again that it really does mean business.

Complete list of Banking and Finance winners:

  • Bank of the Year P&N Bank
  • Building Society of the Year Greater Building Society
  • Credit Union of the Year People’s Choice Credit Union
  • General Insurer of the Year Defence Service Homes Insurance
  • Major Bank of the Year Commonwealth Bank
  • Private Health Insurer of the Year CBHS
  • Risk & Life Insurer of the Year Insuranceline
  • Business Bank of the Year Bendigo Bank
  • Business Insurer of the Year NRMA
  • Business Superannuation Manager of the Year REST Super
  • Major Business Bank of the Year Westpac
  • Industry Superannuation Fund of the Year ESSSuper
  • Retail Superannuation Fund of the Year Plum

Michele Levine, CEO, Roy Morgan Research, says:

Over the past year, consumer and business banking satisfaction have increased steadily. In this competitive environment, where consumers are quite willing to switch banks if they think they can do better elsewhere, banks are rising to the challenge of meeting their customers’ needs.

Of course, the fact that interest rates are at a historic low certainly doesn’t hurt general banking satisfaction levels!

 “Other segments of the finance industry also performed well last year, maintaining a strong focus on customer satisfaction which was embodied by last night’s Award-winners.

“The industry standard in the banking industry for many years, Roy Morgan Customer Satisfaction is now being adopted by the other finance sectors as a key performance measure. This can only mean one thing: Australians can look forward to even better service from their financial institutions as a result...”

The Roy Morgan Customer Satisfaction Awards highlight the winners but this is only the tip of the iceberg. Roy Morgan tracks customer satisfaction, engagement, loyalty, advocacy and NPS across a wide range of industries and brands. This data can be analysed by month for your brand and importantly your competitive set.

Need to know what is driving your customer satisfaction?
Check out the new Roy Morgan Satisfaction Dashboard at www.roymorgan.com/awards2014

For comments or more information please contact:
Roy Morgan - Enquiries
Office: +61 (03) 9224 5309
askroymorgan@roymorgan.com


About Roy Morgan

Roy Morgan is the largest independent Australian research company, with offices throughout Australia, as well as in Indonesia, 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%

1,000

±3.0

±2.7

±1.9

±1.3

5,000

±1.4

±1.2

±0.8

±0.6

7,500

±1.1

±1.0

±0.7

±0.5

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