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2017 Roy Morgan Customer Satisfaction Awards Banking and Finance winners revealed

2017 Roy Morgan Customer Satisfaction Awards Banking and Finance winners revealed
Australia’s most satisfying banks, insurers and superannuation funds were announced this week at the 2017 Roy Morgan Customer Satisfaction Awards.  

Banking Winners

Bank

Great, greater, greatest: its second year featured as a Bank instead of a Building Society, Greater Bank has won the award for the second year in a row. This is a very competitive category, with Teachers Mutual Bank, Victoria Teachers Mutual Bank and P&N Bank all also showing up atop the leaderboard in 2017. 


Roy Morgan CEO Michele Levine presents the award for Bank of the Year to Greater Bank CEO Scott Morgan and Chairman of Greater Bank Wayne Russell, presented on the rooftop at Tonic House.

Major Bank

Customer Satisfaction scores for the Big Four remained relatively steady over 2017. For the fifth year running, the Commonwealth Bank has claimed the annual award, driven in particular by strength in mobile and internet banking satisfaction.

Building Societies and Credit Unions

The people have chosen: People’s Choice Credit Union. Credit Unions and Building Societies are one of the highest-scoring categories in the Customer Satisfaction Awards, regularly satisfying in excess of 90% of their customers with their member- and community-focused approach.

Insurance Winners

General Insurer

With the rise of online comparison websites making it so easy for consumers to shop around between insurers, switching is a constant threat – or opportunity – making it crucial for insurance companies to keep their customers happy…or risk the consequences. But one insurer in particular consistently satisfies well over 90% of its customers, and for the third year in a row enjoyed a clean sweep of 12 of 12 monthly titles to claim the 2017 annual award: RACT.
 


CEO Trent Sayers and the RACT team celebrating their third consecutive win for General Insurer of the Year on the rooftop at Tonic House. 

Risk and Life Insurer

This is a heavily contested category with three companies taking their turn in top spot during 2017; Allianz, Insuranceline and Real Insurance all vying for the top position. Each had a moment in the spotlight in 2017, but Real Insurance out-performed its rivals to earn its award.

Private Health Insurer

Not-for-profit health fund St.LukesHealth has won again in 2017. Price remains the primary reason that satisfaction levels slip and customers decide it’s time to shop around for an alternative private health insurer. For-profit companies need to consider what other things they can offer to satisfy more of their customers.

Superannuation Winners 

Retail Superannuation Fund

Following up on last years success, Macquarie stood out in 2017 with satisfaction scores well above the category average for their second consecutive win, with a total of 9 monthly wins in 2017.

Industry Superannuation Fund

Since we launched our annual Customer Satisfaction Awards in 2011, two Industry Super Funds – ESSSuper and Catholic Super – have dominated their category both winning the title three times. 

After spending four months in the top spot, on par with Catholic Super, it all came down to percentages of satisfaction in a very competitive 2017. Tasplan have won the Roy Morgan Industry Superannuation Fund of the Year, and congratulations to them on their first win!


Roy Morgan CEO Michele Levine presents Tasplan’s first award for Industry Super Fund of the Year to Tasplan CEO Wayne Davy and the team, presented on the rooftop at Tonic House.

Bank of the Year
Greater Bank
Major Bank of the Year Commonwealth Bank
Building Society/Credit Union of the Year
People’s Choice Credit Union
General Insurer of the Year
RACT
Risk and Life Insurer of the Year
Real Insurance
Private Health Insurer of the Year
St.Luke’s Health
Retail Superannuation Fund of the Year
Macquarie
Industry Super Fund of the Year
Tasplan

Michele Levine, CEO, Roy Morgan, says:

“Roy Morgan Research congratulates all the winners of the Banking and Finance Customer Satisfaction Awards for 2017. It was great to see a mix of first-time winners, follow-up winners, and comebacks.”

“Consumer banking satisfaction remains near historically high levels—and this can often be tied to the satisfaction derived from ‘frictionless’ service. Satisfaction among customers who use mobile banking is consistently much higher than satisfaction among those who use branch banking – and has already been superseded internet banking among Australians aged under 35, suggesting there’s a lot more take-up to (and increasing satisfaction) to go.”

“Along with tap-and-go payments, and the New Payments Platform that will deliver instant bank transactions, it will be interesting to see where customer satisfaction goes from here.”

“While banks have led the way, the same principles will apply to insurers and superannuation funds, as consumers increasingly desire the most hassle-free and flexible experience possible.”

“However when it comes our money, whether it’s a $2 charge or checking on a million-dollar investment portfolio, we all still want to be able to get premium customer service over the phone and in-person whenever we need it. Brands across all banking and finance industries will need to continue to monitor the attitudes and behaviours of their own and their competitors’ customers.”  

Need to know what is driving your customer satisfaction?

Check out the new Roy Morgan Customer Satisfaction Dashboard at http://www.roymorganonlinestore.com/Awards.aspx

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