Customer satisfaction with the big-four banks declined in October, with their home loan customer satisfaction remaining “well below their smaller competitors”, according to Roy Morgan Research.
ANZ had the largest drop in the overall satisfaction rating, down 0.9 percentage points to 78.6 per cent, followed by NAB down 0.4 per cent to 81 per cent, Westpac 0.3 to 79.7, and CBA down 0.1 to 82.4.
Number one in home loan customer satisfaction of banks surveyed was ING Direct, with 94.7 per cent satisfaction, followed by ME Bank (88.9 per cent), BankSA (88.6 per cent) and Suncorp (88.1 per cent).
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Norman Morris, industry communications director, Roy Morgan Research commented: “Despite a long period of stable and low housing loan rates, home loan customer satisfaction remains below that of other customers, even though many of these non-home loan customers would be negatively impacted by low deposit rates.
“The rise in home loan rates announced in late October by the big four is unlikely to have had any real impact on the results yet. Only the coming months will tell us how these heavily publicised interest rate rises have affected satisfaction.
“Competition in the home loan market is likely to remain strong and the higher satisfaction with the smaller banks presents a major challenge, particularly as any adverse publicity regarding rate increases is generally focused on the big four banks.”
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