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Bendigo Bank customers are most satisfied of the largest banks

Source: Roy Morgan Single Source (Australia). 6 months to March 2018. n= 22,676; 6 months to February 2018, n = 22,562. 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 March 2018 was 80.9%, down marginally from 81.0% in February. 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.

Bendigo Bank most satisfied customers

Over the last 12 consecutive months, Bendigo Bank has had the highest level of customer satisfaction when compared to the top ten largest banks (based on number of customers). Bendigo Bank satisfies 87.5% of their customers in the six months to March 2017, down slightly compared to February at 87.8%. 
Of the top ten largest banks, Bendigo hasn’t been beaten for customer satisfaction since February 2017 by ING, with a narrow 0.7% difference in their customer’s satisfaction levels.

ING, St George, BankWest and ANZ show improved satisfaction

Of the ten largest consumer banks, BankWest showed the biggest improvement in satisfaction over the last month, up 0.9% points to 84.6%, followed by ING up 0.8% points (to 87.1%), St. George up 0.7% points (to 84.6%, equal with BankWest), and ANZ up 0.3% points (to 78.7%, now equal with NAB). 
The remainder of the big four showed only marginal declines, with CBA down 0.3% points (to 79.7%), NAB down 0.2% points (to 78.7%) and Westpac down 0.4% points (to 77.7%). Each of the big four remain below the overall bank satisfaction level of 80.9%.

Consumer Banking Satisfaction - 10 Largest Consumer Banks1

Source: Roy Morgan Single Source (Australia). 6 months to March 2018. n= 22,676; 6 months to February 2018, n = 22,562. Base: Australians 14+. 1. Based on customer numbers. 2. Includes banks not shown. 

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.

“Over more than twelve consecutive months, Bendigo Bank has had the highest percentage of satisfied customers, currently sitting at 87.5%. Yet even Bendigo Bank struggles to meet the satisfaction levels of smaller banks, such as Heritage Bank, the winner of Roy Morgan’s Bank of the Month award, as part of the monthly Customer Satisfaction Awards.

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:
Norman Morris, Industry Communications Director
Office: (+61) (03) 9224 5172
Norman.Morris@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%

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