In 2015, P&N Bank, a Perth champion, walks off with the credit as Australian banking industry leader.

Taking customer satisfaction as the main measure, and using the Roy Morgan Research monthly gauge, P&N Bank scored a 97.7 per cent satisfaction rating in November 2015.

Sydney's Teachers Mutual Bank took second spot with 94.9 per cent and Greater Building Society third with 94.5 per cent.

Newcastle Permanent Building Society and People's Choice Credit Union followed with 93.1 per cent each.

ME nestled in at seventh alongside the mutual cohort of which it is really part. IMB in Wollongong came next.

Somewhat tellingly, Credit Union Australia trails this group at 88.7 per cent, only 700 basis points ahead of the best of the big banks. The best of the regional banks all exceeded the measure of customer satisfaction earned by Australia's largest credit union.

Among major banks, Commonwealth Bank takes the lead with 81.7 per cent.  ANZ, a former Roy Morgan leader, is settling in last place with 78.4 per cent and the ignominy of NAB at second with 80.4 per cent.

In the John McFarlane era, it became a near mantra that, having won leadership in big bank customer satisfaction, ANZ must set out to keep it.

Mike Smith arrived, hostile to this view from early on. The numbers show things changed pretty much from the day Smith arrived.

Yielding leadership in banking? A misstep P&N and the teachers mutual banks are likely to evade.