Challenger Banks – 2011 Ratings
Posted by Canstar Blue April 8th 2011
* 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.
Bank survey reveals going out on a limb pays off: ME Bank tops the charts for challenger banks
In a dramatic battle by the banks for the hearts, minds and wallets of customers, NAB and ME Bank have emerged as the consumer’s choice when it comes to overall banking satisfaction.
Both banks have made great inroads this year to earn the top vote of confidence, according to our latest independent consumer survey.
ME Bank have debuted at the top in the survey of 13 challenger banks in its first appearance in the survey. See full results for the major banks.
The results highlight products, pricing and service as key contributors towards customers’ overall satisfaction with their bank.
In one of the toughest, most competitive banking years in recent memory, ME Bank has stuck to its guns, firmly believing that a no-nonsense approach consisting of simple, low-cost and fair banking products and its strong association with industry super fund members will win the day. And it has.
ME Bank easily has the most satisfied customers among the challenger banks, with both its products and pricing and friendly service receiving five stars. Interestingly, this mirrored NAB’s results in major banks, giving a clear indication that customers are price-sensitive and want products that give good value for their core needs. This is particularly relevant in the current climate, given rising interest rates and global uncertainty surrounding recent disasters both overseas and domestically.
Customers expressed high overall satisfaction with ME Bank’s internet services.
ME Bank did not score so well with its branch services but this is not surprising, as it has limited bricks and mortar branches and does most of its business through call centres and online banking – both of these scored highly with customers.
Canstar Blue, a new initiative of CANSTAR, commissions Colmar Brunton to survey 5,000 Australian consumers about their main financial institution. NAB today received the Most Satisfied Customers Award for a Major Bank, and ME Bank was awarded the Award for a Challenger Bank.
Results are comparative and it should be noted that brands that received three stars have still achieved a satisfaction measure of at least six out of 10.
ME Bank received five stars for overall satisfaction, followed by ING Direct, Bendigo Bank, Suncorp, Bankwest, BOQ, St George, BankSA and, Adelaide Bank on four stars, and Citibank on three stars.
Bendigo Bank received five stars, while Suncorp, Bankwest, BOQ, St George and BankSA received four stars. ING Direct and Adelaide Bank were awarded three stars, while ME Bank and Citibank received two stars.
Call centre service
ME Bank scored five stars, followed by ING Direct on four stars and Bendigo Bank, Suncorp, Bankwest, BOQ, St George, BankSA, Adelaide Bank and Citibank on three stars.
ME Bank and ING Direct both received five stars, while Bendigo Bank, Suncorp, Bankwest, BOQ, St George, BankSA and Adelaide Bank received four stars. Citibank received three stars.
Products and pricing
ME Bank and ING Direct received five stars, while Bendigo Bank received four stars. Suncorp, Bankwest, BOQ, St George, BankSA, Adelaide Bank and Citibank all received three stars.
ME Bank was awarded five stars, followed by ING Direct, Bendigo Bank, Suncorp and BankSA on four stars, and Bankwest, BOQ, St George, Adelaide Bank and Citibank on three stars.
ING Direct received five stars and ME Bank and Bendigo Bank received four stars. Suncorp, BankSA, Bankwest, BOQ, St George, Adelaide Bank and Citibank received three stars.
ME Bank and Bendigo Bank received five stars, while ING Direct, Suncorp, BankSA, Bankwest, BOQ, St George received four stars and Adelaide Bank and Citibank received three stars.