We enjoy our banks!

Roy Morgan statistics from November have revealed that individual satisfaction levels in regard to banks are the highest they’ve been in eighteen years reaching 82.8% compared to last year’s 81.3%.

Out of the 10 main banks, the bank with the highest satisfaction rating was ING Direct with 89.4%, followed by Bendigo Bank with 89% and Suncorp with 88.6%. The huge 4 banks (CBA, Westpac, NAB and ANZ) placed 6th, eighth, ninth, and tenth respectively, all falling beneath the typical satisfaction rate of 82.8%.

Whilst the massive 4 banks ranked poorly compared to other significant banks, they’ve still shown promising improvement over the years, with Roy Morgan Research Market Communications Director Norman Morris affirming the upward trends in buyer satisfaction as ‘very positive’.

“Generally speaking, the significant banks have all focused on enhancing their satisfaction levels, and combined with a lot more practical methods for buyers to deal with them (especially a huge focus on on-line capabilities), they have seen main improvements in customer satisfaction”, he said.

Seeing as ING Direct holds the highest satisfaction rate of the 10 key banks, it is not surprising that their Orange Everyday account won Income Magazine’s 2015 Best of the Best award for Greatest Everyday Account.

ING’s good results may be partially due to its existence as an online-only bank, as the information from Roy Morgan also revealed that buyer satisfaction prices for on-line banking were generally larger than the satisfaction rates for general and branch banking.

Nonetheless lower satisfaction rates aren’t the death knell you may well feel them to be. A Canstar Blue survey from the commence of the year showed that practically 2 thirds of respondents had been loyal to their existing institution, and of those who didn’t really feel loyal to their bank, almost all of them (93%) felt that altering banks would either take as well a lot time and work, or expense too significantly.

Only 5% of respondents had changed banks in the last twelve months, and 78% of respondents stated outright that they really liked their bank.

So although the big 4 banks may be trailing in terms of satisfaction rates, their continuous attempts to increase their satisfaction rates plus their clients unwillingness to change banks signifies that they’re in no danger of falling too far behind.

We enjoy our banks!