Source: Roy Morgan Single Source Australia, July 2019 – December 2019, n = 26,167. Base: Australians aged 14+
Among home loan customers, ME Bank was followed by ING (89.3%), Bendigo Bank (83.3%), Bankwest (77.1%), St George (75.8%), CBA (73.3%), Suncorp (72.6%), ANZ (72.1%), Westpac (70.4%) and NAB (70.3%).
For non-home loan customers, leader ING was followed by Bendigo Bank (87.8%), ME Bank (83.5%), Suncorp (81.0%), Bankwest (80.7%), CBA (79.8%), St George (78.7%), ANZ (76.2%), NAB (76.1%) and Westpac (74.5%).
The institution with the largest discrepancy between home loan and non-home loan customer satisfaction was Suncorp, where the satisfaction rating among home loan customers (72.6%) was more than 8 percentage points below its rating among non-home loan customers (81.0%).
The ratings are taken from the Roy Morgan Single Source survey, compiled by in-depth face-to-face interviews with around 50,000 Australians each year in their homes.
Roy Morgan CEO Michele Levine says it’s clear that smaller financial lenders have surpassed traditional bricks-and-mortar institutions as the leaders in customer satisfaction.
“Not that long ago it would have been difficult to believe that online lending institutions would be able to compete with, let alone beat, traditional lenders – which had branches situated all over the country – but that is exactly what’s happened.
The big four banks didn’t reach the top five of either list. “The average customer satisfaction rating of the big four remained stable, but it was a fair way off the leaders in both categories, CBA was the best performer among both home loan and non-home loan customers,” says Ms. Levine.
While the Roy Morgan Customer Satisfaction Awards focus on satisfaction ratings, there is far more in-depth data available. Roy Morgan tracks a huge range of variables including customer satisfaction, engagement, loyalty, advocacy and NPS across a wide range of industries and brands. This data can be analysed by month by brand, and importantly, by competitive set.
Customer satisfaction ratings of home loan and non-home loan banking customers
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