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Satisfaction with banks down marginally in February

Source: Roy Morgan Single Source (Australia). 6 months to January 2018. n= 23,945; 6 months to February 2018, n = 23,887. Base: Australians 14+. 1. Based on customer numbers. 2. Includes banks not shown.
New results from Roy Morgan show that customer satisfaction with banks in the six months to February 2018 was 81.0%, down marginally from 81.2% in January. This level still represents a positive result when seen in the context of the long term monthly 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.

ING, St George and Westpac show improved satisfaction

Of the ten largest consumer banks, ING showed the biggest improvement in satisfaction over the last month, up 1.1% points to 86.3%, followed by St George up 0.6% points (to 83.9%) and Westpac up 0.2% points (to 78.1%). The remainder of the big four showed only marginal declines, with CBA down 0.1% points (to 80.0%), NAB down 0.2% points (to 78.9%) and ANZ down 0.2% points (to 78.4%). Each of the big four remain below the overall bank satisfaction level of 81.0%.

Consumer Banking Satisfaction - 10 Largest Consumer Banks1


Source: Roy Morgan Single Source (Australia). 6 months to January 2018. n= 23,945; 6 months to February 2018, n = 23,887. Base: Australians 14+. 1. Based on customer numbers. 2. Includes banks not shown. 

Bendigo Bank retained the highest satisfaction rating among the ten largest banks with 87.8%, followed by ING (86.3%), St George (83.9%), Bankwest (83.7%) and Bank of Queensland (83.6%).

Satisfaction with mobile banking is well ahead of branches

The rapid increase in the use of mobile banking, with its higher satisfaction levels compared to branches, appears to have the potential to positively impact overall bank satisfaction. All four of the major bank’s customers have higher satisfaction with their mobile banking compared to those using branches. Internet banking users also have higher satisfaction than those using branches but on average remain a little below that of mobile bankers. The fact that around two thirds (65.3%) of the population now use either mobile banking or internet banking in an average four week period (and showing an upward trend) is a positive for bank satisfaction as these channels have satisfaction ratings of up to 92% compared to around 86% for branches.

Satisfaction with Banking Channel Used in the Last 4 Weeks

Source: Roy Morgan Single Source (Australia). Six months ended February 2018, n = 23,887. Base: Australians 14+.1. Using an App on a mobile phone or tablet. 2. Using an institutions website. 3. Includes Banks not shown, Building Societies and Credit Unions 

The CBA has the highest satisfaction of the four majors for mobile banking with 92.9% and for internet banking (91.1%) and is a close second for branch banking with 86.0%. NAB with 90.8% and Westpac with 91.0% have their highest satisfaction ratings for mobile banking, while the ANZ scored their highest satisfaction with 89.2% for internet banking.

Norman Morris, Industry Communications Director, Roy Morgan says: 

“Despite a small decline in satisfaction with banks over the last month, their customers now have much higher satisfaction levels than they have averaged over the last two decades. This highlights the importance of measuring long term trends, as we have seen on many occasions that short term fluctuations are often misleading in understanding the bigger picture.

“Our research continues to show that home loan customers are still a drag on their overall satisfaction ratings. Despite historically low home loan rates, each of the big four’s mortgage customers have lower satisfaction levels than that of their non-mortgage customers. This is despite the fact that the current low deposit rates would be expected to negatively impact satisfaction of non-mortgage customers. On the positive side, the high satisfaction levels for mobile and internet banking, combined with their rapid growth, are likely contributing factors to maintaining high overall satisfaction levels over recent years.

“Keeping bank customers satisfied is a major challenge given the current environment but with over 50,000 interviews per annum cover all aspects of financial behaviour, Roy Morgan is in the unique position to understand what drives bank customer satisfaction over the long term.”


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