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Satisfaction with Big Four Banks is lower among home loan customers

Source: Roy Morgan Research Consumer Banking Report, April 2013; Average 6 monthly sample for Big Four banks, n = 18,449. Source: Roy Morgan Research, November 2012 - April 2013; 6 month sample for Big Four Banks, n = 17,176.

In April 2013, consumers’ satisfaction with the Big Four Banks remained unchanged on a seventeen year high of 78.9% but their home loan customers remain much less satisfied with an average of only 75.3% compared to non-home loan customers with 79.9% satisfaction. This is despite the fact that home loan customers have had four interest rate reductions over the last 12 months. These are the latest findings from the Roy Morgan Research Consumer Banking in Australia Customer Satisfaction Report for April 2013.

In April 2013 the CBA continued to lead the Big Four in customer satisfaction overall with 80.5% (up 0.1% points from March), followed by the NAB (79.3%, no change), the ANZ (77.6%, up 0.3% points) and Westpac (76.7%, down 0.4% points).

Consumer Banking Satisfaction


Source: Roy Morgan Research Consumer Banking Report, April 2013; Average 6 monthly sample for Big Four banks, n = 18,449.

The following chart shows that each of the Big Four Banks has a much lower level of satisfaction among their home loan customers than their non-home loan customers. The biggest gap is seen by the ANZ where their home loan customers are 6.2 percentage points below the satisfaction level of their non-home loan customers. The smallest gap is among NAB customers where their home loan customers are only 2.7 percentage points behind other customers.

Satisfaction of Mortgage and Non-Mortgage Customers

Source: Roy Morgan Research, November 2012 - April 2013; 6 month sample for Big Four Banks, n = 17,176.

Over the last 12 months the Big Four Banks, in total, improved their overall customer satisfaction ratings by 2.4 percentage points and their home loan customers by 3 percentage points. The biggest improver in home loan customer satisfaction over the last year was Westpac (up 4.2% points), followed by CBA (up 3.4% points), NAB (up 3.1% points) and ANZ (up 0.9% points).

Norman Morris, Industry Communications Director, Roy Morgan Research, says:

“It is somewhat surprising, with four interest rate reductions over the last twelve months for home loans, that the home loan customers of all the Big Four Banks still have lower satisfaction levels than their other customers. One of the major reasons for this is most likely the bad press that these banks have received when they didn’t pass on the full official rate reductions.

“It is likely to take some time to reverse this trend and it was obviously recognised as an issue by the major banks following the May 2013 official cash rate reduction when they were all seen to pass on the change in full to their home loan customers.

“It has been five years since we saw that home loan customers of the Big Four having higher satisfaction levels than their other non-home loan customers, so it is obviously possible and requires some attention if the overall satisfaction of the major banks is to show continued improvement.

“The smaller banks, building societies and credit unions all have satisfaction levels among their home loan customers much higher than the Big Four and for some they show an even higher satisfaction level than for their non-home loan customers.”

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For comments or more information please contact:

Norman Morris, Industry Communications Director

Telephone: +61 (3) 9224 5172
Mobile: +61 402 014 474

Email: norman.morris@roymorgan.com

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About Roy Morgan Research

Roy Morgan Research is the largest independent Australian research company, with offices in each state of Australia, as well as in New Zealand, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan Research has over 70 years’ experience in collecting objective, independent information on consumers.

In Australia, Roy Morgan Research is considered to be the authoritative source of information on financial behaviour, readership, voting intentions and consumer confidence. Roy Morgan Research is a specialist in recontact customised surveys which provide invaluable and effective qualitative and quantitative information regarding customers and target markets.

Margin of Error

The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of % points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.

Sample Size

% Estimate

40%-60%

25% or 75%

10% or 90%

5% or 95%

10,000

±1.0

±0.9

±0.6

±0.4

20,000

±0.7

±0.6

±0.4

±0.3

50,000

±0.4

±0.4

±0.3

±0.2