Major Banks – 2012 ratings
Posted by Canstar Blue March 15th 2012
* 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.
NAB scores customer satisfaction award two years running
National Australia Bank (NAB) has prevailed over the other big three banks for the second year in a row, and received our most satisfied customers award for major banks.
NAB won a great deal of positive consumer sentiment when they pledged to keep their variable rate home loans the cheapest of Australia’s major banks for 2012. They did this amidst government and industry advice in the media urging Australians to search for a better banking deal.
While NAB achieved top scores in nearly all of our criteria; ANZ, Westpac and the Commonwealth Bank (CBA) also received five star ratings in several key criteria (see the results breakdown below).
Interestingly, our findings also revealed that only 5% of surveyed banking customers followed the advice of industry commentators and switched their main financial institution in the last 12 months.
Nearly a quarter of those customers declared their reason for switching was dissatisfaction with bank fees. Furthermore, 15% switched for a better deal offered by another financial institution, and 14% jumped ship due to interest rates.
Our survey also revealed the most satisfied customers of challenger banks.
Canstar Blue commissions Colmar Brunton to survey Australian consumers across a range of categories every few months to measure and track customer satisfaction.
The results of the banking ratings reported are from 5,000 banking customers within the survey group where respondents were asked about their main financial institution. Brands must receive at least 30 responses to be included.
NAB’s five star rating for overall customer satisfaction secured them the top spot in this category, just ahead of four star recipients ANZ, CBA and Westpac.
Some of life’s most important financial transactions happen inside the walls of a bank branch, so service is of paramount importance. Major banks should have plenty to smile about, with NAB, Westpac and CBA all receiving five star ratings for their branch service, followed by ANZ with four.
Call centre service
Banking customers can struggle to find enough hours in the day to make it down to their local bank branch, so it’s nice to know that institutions haven’t dropped the ball on call centre customer service. NAB, Westpac and CBA each achieved five stars for this criteria, followed by ANZ with four stars.
Internet banking service
With banking customers now living time-poor lives, many have become increasingly reliant on online banking to manage their finances from home. NAB and CBA customers were most satisfied with their institution’s online banking services, earning each brand five stars apiece. Westpac and ANZ received four stars each for internet banking.
Products and pricing
Customers can count themselves lucky to have such a breadth of financial products available to them at a range of prices. Another five stars went to NAB for their financial products and pricing, followed by four star recipients CBA, Westpac and ANZ.
When great sums of money are at stake, problems inevitably arise. Luckily, most banks have a good handle on solving customer issues; with NAB and Westpac both receiving five stars for problem solving, followed by CBA and ANZ with four.
ATM services and availability
Customers have come to expect a greater degree of control over when and where they can access their money. ANZ customers were most satisfied with their bank’s five star ATM facilities, followed by NAB, Westpac and CBA with four stars apiece.
Ironically, what might attract many banking customers doesn’t cost financial institutions a cent: a smile. NAB, Westpac and CBA all received five stars for their friendliness, followed by four star recipient ANZ.