Mutual banks rated highly in customer satisfaction survey

17 September 2015

Customer satisfaction has increased among the big four but still remains lower than that of the smaller banks, according to new Roy Morgan Research.

The group’s Single Source survey revealed that the overall customer satisfaction rate of the big four banks, in the six months to July 2015, was 81.3 per cent, up 0.8 percentage points from the previous year.

Outside of the big four, Teachers Mutual Bank, a BCCM member, remained the best-performing bank overall with 95.1 per cent of its customers satisfied. Meanwhile, among the 10 major home loan banks, ME, another BCCM member, came in second with a 90.9 per cent satisfaction rating.

Commenting on the research, Roy Morgan Research industry communications director Norman Morris said

“The big four banks generally compare their satisfaction levels with each other, and yet it is generally the smaller banks that set the standard for both overall satisfaction and the very important home loan segment.”