Challenger Banks – 2014 Ratings

Posted by Canstar Blue April 3rd 2014

You are viewing the archived 2014 ratings for challenger banking brands. Go to the current challenger bank ratings.

* 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.

Heritage Bank wins ‘Clash of the Challengers’ for 2014

Most Satisfied Customers - Challenger Banks, 2014We want to know which financial institutions have the most satisfied customers, so you can choose a bank that everyday Australians have given the tick of approval to. This year, Heritage Bank is the one with the best report card.

In what can best be described as a non-major bank free for all, Heritage Bank snatched our award for Most Satisfied Customers – Challenger Banks, 2014 from a host of banks:

  • ING Direct, the only other rated institution to receive a five star rating (for fees and charges)
  • ME Bank
  • Bendigo Bank
  • Teachers Mutual Bank
  • UBank
  • BOQ
  • Suncorp Bank
  • BankSA
  • Bankwest
  • St.George Bank
  • HSBC

Heritage Bank received five star ratings in nearly all criteria – missing out on just one. Interestingly, they also achieved this award back in 2012.

We also asked customers of the big four banks how satisfied they were with their institution. Find out which of the major banks received our 2014 award.

Overall customer satisfaction

Heritage Bank earned five stars for overall customer satisfaction in this year’s rating. ME Bank, Bendigo Bank, Teachers Mutual Bank, ING Direct, UBank, and BOQ all followed with four stars; and Suncorp Bank, BankSA, Bankwest, St.George Bank, and HSBC finished with three.

Branch service

There are some things you just can’t do over the phone or online. Because of this, it’s important to find a bank whose face to face customer service is up to scratch. Heritage Bank was once again ahead of other rated brands, receiving five stars for branch service. Next were four star recipients Bendigo Bank and BOQ, then three star recipients BankSA, Teachers Mutual Bank, Suncorp Bank, St.George Bank, Bankwest, and HSBC. UBank, ME Bank, and ING Direct all received two stars for branch service.

Call centre service

Heritage Bank customers were most satisfied with the call centre service they received when they phoned their bank. Following our five star achiever were four star recipients ME Bank, Teachers Mutual Bank, Bendigo Bank, Suncorp Bank, ING Direct, and BOQ. Next were our three star recipients: Bankwest, St.George Bank, BankSA, UBank and HSBC.

Internet banking service

It’s difficult to imagine a world without internet banking, especially given how reliant so many of us are on it. Heritage Bank achieved five stars for its internet banking facilities, and was followed by a bevy of four star achievers: Teachers Mutual Bank, BOQ, Suncorp Bank, Bankwest, BankSA, ING Direct, Bendigo Bank, ME Bank, and St.George Bank. UBank and HSBC received three stars each for online banking.

Product range

Some banking customers are content with a simple savings account, while others need home loans or small business loans. Essentially, what most Australians want is choice – to be able to pick a financial product that suits their circumstances and needs.

Heritage Bank customers were most satisfied with the range of products available at their bank. Teachers Mutual Bank, Suncorp Bank, Bendigo Bank, BOQ, Bankwest, BankSA, ME Bank and ING Direct all followed with four stars, and UBank, St.George Bank and HSBC all finished with three.

Efficiency in dealing with inquiries

Heritage Bank received five stars for the efficiency in which they dealt with customer inquiries. They were followed by four star recipients Bendigo Bank, ME Bank, and Teachers Mutual; and then three star achievers ING Direct, BOQ, Suncorp, BankSA, Bankwest, UBank, St.George Bank, and HSBC.

Mobile banking / smartphone applications

Paying back a friend, dealing with bills, or opening an account can all be done from the palm of your hand. Mobile banking has come a long way, and Heritage Bank customers were most satisfied with the smartphone service they received. Following our five star recipient was ING Direct, BankSA, Teachers Mutual Bank, BOQ, Bankwest, ME Bank, Suncorp Bank, Bendigo Bank, and St.George Bank – all with four stars each. HSBC finished with three stars for smartphone banking, and UBank secured two.

Fees / charges

ING Direct achieved a five star rating for customer satisfaction with its fees and charges. Heritage Bank, ME Bank, UBank, and Teachers Mutual Bank all came next with four stars, and following with three were Bendigo Bank, Suncorp Bank, BOQ, Bankwest, HSBC, BankSA, and St.George Bank.

Canstar Blue commissioned Colmar Brunton to survey 5,000 Australian consumers to measure and track customer satisfaction. The outcomes reported are the results from customers within the survey group who have one or more accounts or products with a financial institution (e.g. transaction account, savings account, credit card, home loan, etc.) – in this case, 1,450 challenger bank customers.

Brands must have received at least 30 responses to be included. Results are comparative and it should be noted that brands receiving three stars have still achieved a satisfaction measure of at least six out of 10.