Australian Banking Majors Rank At The Bottom Of Customer Satisfaction Survey

Post by NeilMc on October 1, 2009 · Under Business News, banking · Comment 

Customers of the Big Four banking groups have expressed the lowest customer satisfaction levels in Australia, with most account holders being too ambivalent to switch to a different service provider, the results of a new survey reveal.

After taking into consideration fees, interest rates and customer service amongst other things, the Big Four banking groups, which include Westpac, CBA, ANZ and NAB ranked at the bottom of a list containing 14 different lenders.

The report conducted by consumer rights group Choice,  surveyed 3,000 respondents and showed NAB ranking at the bottom of the list, with a customer approval rating of 61 per cent, followed by CBA with a 64 per cent approval rating, Westpac with 65 per cent and ANZ with 66 per cent.

Credit unions received the highest marks from customers, with Credit Union Australia and the Teachers Credit Union both receiving an 84 per cent customer approval rating.

“What this survey clearly tells us is that customers who bank with the big four are the least satisfied, but many are unwilling to vote with their feet. It basically means that however much customers start spitting chips to their call centres or whatever, basically the difficulty of switching and the reluctance to switch spikes their guns,” Choice spokesman Christopher Zinn said.

The survey marked financial institutions based on seven different categories, including interest rates, product range, customer service, fees, ATM access, branch location and internet banking facilities.

The Teachers Credit Union ranked in the 90th percentile for both its customer service and internet banking facilities, however like its smaller rivals, was let down by the relatively few branch locations and ATM machines.

The Big Four banking groups scored the worst in the key areas of customer service, fees and interest rates according to the survey, with 85 per cent of respondents saying they held accounts with a banking major.

The reasons survey participants gave for not switching to other lenders were because it was “too difficult”, there was “no point” or it was “too much effort.

Many believe all financial institutions, in the end, are the same.

Choice advocates for consumers to use their power and shop around for better services and deals.

“The more people move and switch in the market, that will send a really big signal to the big four to lift their game,” Mr Zinn said.


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