Challenger Banks – 2010 Ratings

Posted by Canstar Blue July 27th 2010

You are viewing the archived 2010 ratings for challenger banks. Go to the current challenger bank ratings, or compare banking products at Canstar.

* Overall satisfaction is an individual rating and not a combined total of all ratings. Brands with equal overall satisfaction ratings are listed in alphabetical order.

See Our Ratings Methodology.

ING DIRECT tops challengers to the big four banks

‘Challenger’ banks are working hard to win customer approval, according to the latest Canstar Blue customer satisfaction survey.

Canstar Blue’s March 2010 survey of bank customers placed ING Direct at the top of the challenger banks who are vying for the customer dollar.

ING Direct received Canstar Blue’s 2010 award for Most Satisfied Customers, Challenger Banks, after customers awarded ING DIRECT the top gong in this category.

The awards are based on the results of a Canstar Blue-commissioned survey by professional market researchers, Colmar Brunton.

ING DIRECT has, for many years, been one of Australia’s leading providers of savings and home loan products. Late last year they complimented their product range by launching the Orange Everyday transaction account.

The launch of the Orange Everyday account means that that for many Australians, ING DIRECT can now meet all their banking needs.

ING DIRECT’s customers appear to be very happy with the banking proposition provided, giving it top marks for overall customer satisfaction. Customers were also very satisfied with ING DIRECT’s efforts in the supporting categories of call centre, problem solving, innovation and ‘Wow factor’.

Also high on the list of satisfied customers were clients of Bendigo Bank. The bank achieved second place overall from Canstar Blue. BankSA, Suncorp, BOQ, St George Bank and Bankwest all received third tier ranking for overall customer satisfaction.

Of all the challenger banks, ING DIRECT and Bendigo Bank were the only ones to score the top ranking in supporting categories. Bendigo Bank customers gave the bank high marks for branch, problem solving and friendliness.

Rebecca Logan, Canstar Blue Manager applauded challenger banks for working hard to achieve customer satisfaction. “Customers clearly appreciate good service and innovation at all levels – whether it’s at the friendliness and efficiency of their local branch or the competiveness of the banking products they offer,” she said.

Customers who were dissatisfied with their banks nominated bank fees, interest rate increases above the RBA rate and poor interest returns as sources of dissatisfaction. Others wanted better service, online access and Automatic Teller Machine (ATM) access.