Customers have put their concerns over bank misconduct aside and rated the big banks highly for their performance during the worst of COVID.
According to the latest Roy Morgan Research banking customer satisfaction report, Australia’s big banks have enjoyed strong increases in their customer satisfaction and net promoter scores over the past year.
Roy Morgan chief executive Michele Levine said the banks’ response to the pandemic was the main reason customers gave their banks much higher satisfaction ratings.
Satisfaction ratings for all four banks rose among main financial institution customers. NAB led the way with an increase of 3.3 percentage points to 81.7 per cent over the 12 months to April, ANZ was up 2 percentage points to 78.6 per cent, Commonwealth Bank was up 10 basis points to 80.9 per cent and Westpac was up 10 bps to 76.2 per cent.
Net promoter scores among mortgage customers also rose. ANZ’s NPS rose 29.7 points to 15.4 over the 12 months to April, NAB’s NPS rose 22.1 points to 9.6, CBA’s rose 16.3 points to 10.4 and Westpac’s rose 5.7 points to minus 6.9.
Among the leading mortgage lenders, the bank with the highest NPS is ING Bank (Australia) with a score of 42.9 pints (up 16.6 points over 12 months), Bendigo Bank with 26 points and Bank of Melbourne with 25.9 points.