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Satisfaction with banks up in December

1. Based on customer numbers. 2. Includes banks not shown. Source: Roy Morgan Single Source (Australia). 6 months to November 2017, n= 24,915; 6 months to December 2017, n= 24,984 Base: Australians 14+.
New results from Roy Morgan shows that customer satisfaction with banks in the six months to December 2017 was 80.8%, up from 80.6% in November. Despite many fluctuations in satisfaction over the last two decades, the current result represents a continuation of the generally positive trend that we have seen since 2001 when satisfaction with banks was only 58.5%.

These are the latest findings from Roy Morgan’s Single Source survey of over 50,000 consumers per annum.

CBA satisfaction leads big four but ANZ and NAB improving

The CBA has maintained the highest satisfaction rating among the big four in December with 79.6%, followed by the NAB (78.6%), ANZ (78.1%) and Westpac (77.9%). Their lead however was reduced over the month with the ANZ up by 0.6% points and the NAB up 0.3% points, while the CBA remained unchanged and Westpac was down 0.2% points.

Consumer Banking Satisfaction - 10 Largest Consumer Banks1

1. Based on customer numbers. 2. Includes banks not shown. Source: Roy Morgan Single Source (Australia). 6 months to November 2017, n= 24,915; 6 months to December 2017, n= 24,984 Base: Australians 14+.

Among the ten largest consumer banks, Bendigo Bank retained the highest satisfaction rating in December with 88.8%, followed by Bank of Queensland (86.0%), ING (84.3%), Bankwest (83.3%) and St George (83.2%). The banks outside of the big four that showed improved satisfaction in December were Bank of Queensland up 0.8% points, Bendigo Bank (up 0.7% points), St George (up 0.3% points) and Suncorp Bank (up 0.2% points). Bankwest was down by 0.8% points and ING down by 0.5% points.

Mortgage customers more satisfied with smaller banks

The mortgage customers of the six largest banks outside of the big four, all have higher satisfaction ratings than the majors. Bendigo Bank continues to have the highest home-loan customer satisfaction (of the top 10) with 92.1%, well ahead of their nearest competitor, the Bank of Queensland on 87.0%, followed by ING (86.1%) and Suncorp Bank (85.1%). These strong performers all have higher satisfaction among their mortgage customers compared to their non-mortgage customers, unlike the four majors where their non-mortgage customers have the highest satisfaction.

Satisfaction of Mortgage and Non-mortgage Customers  - 10 Largest Consumer Banks1

1. Based on customer numbers. Source: Roy Morgan Single Source (Australia). 6 months to November 2017, n= 24,915; 6 months to December 2017, n= 24,984 Base: Australians 14+.

The ANZ has the highest home-loan customer satisfaction among the big four with 78.0%, ahead of NAB (76.9%), CBA (76.3%) and Westpac (73.7%). The biggest improvers in home-loan customer satisfaction in December among the ten largest banks were ING up 3.0% points, ANZ (up 2.3% points) and Bank of Queensland (up 1.0% points).

Banks show improved advocacy ratings (NPS®)

Over the last year, the MFI (main financial institution) customers of nine of the ten largest banks increased the chances of recommending their bank, as shown by improvements in their NPS® scores. The three best performers with NPS® are ING (42.1), Bendigo Bank (34.9) and Bank of Queensland (20.7). The largest improvements in NPS® over the last year were by St George (up 11.3), Bankwest  (up 7.3) and Westpac (up 7.1).

Net Promoter Score® of the 10 Largest Consumer Banks MFI Customers1

1. Based on number of MFI customers. Source: Roy Morgan Single Source (Australia). 6 months to December 2016, n=24,853; 6 months to December 2017, n=24,984 Base: Australians 14+ ®Net Promoter Score (NPS) is a service mark of Bain and Company, Inc., Satmetrix Systems, Inc., and Mr Frederick Reichheld. Advocacy is measured on a scale of 1 to 10, with 1 being 'very unlikely' to recommend and 10 being 'very likely' to recommend. NPS is calculated by subtracting the percentage of 'Detractors' (score 1-6) from the percentage of 'Promoters' (score 9-10).

The big four banks are all very similar in terms of their NPS® score, with CBA marginally ahead on 4.4 and NAB in second place (1.8). Westpac, despite showing an improvement over the last year now has an NPS® of zero and ANZ follows with -0.7. This leaves only 5.1 separating all four big banks.

Norman Morris, Industry Communications Director, Roy Morgan, says: 

“Despite considerable negative publicity surrounding banking in the run up to the Banking Royal Commission, it is worth understanding what bank customers think regarding their banks. Current levels of satisfaction with banks are close to a two decade high at over 80% and well above levels of around only 58% seen back in 2001.It appears that customers currently have a generally positive opinion of their banks. This is also supported by the fact that we have seen improving levels of customer advocacy across the major banks over the last year.

“Home loan customer satisfaction remains a challenge for the four major banks due to the fact that they generally have lower satisfaction than their other customers and the home loan customers of the smaller banks. The lower satisfaction of home loan customers of the big four is having a negative impact on their overall customer satisfaction and as a result is likely to be also impacting advocacy levels.

“Roy Morgan has been the industry currency in consumer financial behaviour for over two decades and is in the unique position to identify and understand long term trends. Also available are two insightful reports that quantify the factors that drive bank customer satisfaction and advocacy. These reports are the ‘Drivers of Customer Satisfaction’ and ‘Drivers of Advocacy’.”

For comments or more information please contact:
Suela Qemal, General Manager - Financial Services & Consulting
Office: +61 (3) 9629 6888

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


25% or 75%

10% or 90%

5% or 95%