Happiest customers own their banks

19 December 2017

• Top three customer satisfaction scores taken out by customer or member-owned banks
• Non-major banks average satisfaction score was 767 versus 741 for the major banks
• Personal service still key to a great banking experience

Australia’s happiest customers bank with customer-owned banks, the annual J.D. Power 2017 Australia Retail Banking Satisfaction Study has found.

Customer-owned Heritage Bank received a score of 827 out of 1000 from consumers. This was followed by People’s Choice Credit Union (822) and CUA (796).

The Commonwealth Bank of Australia took out the top spot among the major banks with a score of 747.

Customer-owners rated their banks high for both online and in-person transactions, but the personal touch remains key to customer satisfaction.

Summing up the findings, J.D. Power writes: “In the past 12 months, 89% of banking customers have used a digital channel to interact with their primary bank. However customers still prefer to visit the branch or call a bank representative when they have a problem (86%) or question (73%). This is also the case for digitally savvy Millennials, with 85% preferring to speak to a person when they have a problem and 66% when they have a question.”

The Business Council of Co-operatives and Mutuals (BCCM) counts three of the top five customer satisfaction winners among its members.

BCCM CEO Melina Morrison welcomed the findings, saying: “These results reconfirm the strong alternative the customer-owned sector represents for consumers looking for the best possible banking experience.”

“As well as offering a personal touch, customer- and member-owned banks generally offer a better deal on home loans, credit cards and transaction accounts.”

“The business model ensures that the customer’s best interest is always close to the heart of the businesses in our sector. If you don’t already own your own bank, you can find a customer-owned, mutual bank or credit union that works for you at www.switchdontbitch.com.au.”

To find out more about customer-owned banks, visit www.customerownedbanking.asn.au