The Big Four go head to head for 2014 customer satisfaction award
When Australia’s big four banks are lined up against one another, which has the most satisfied customers? That’s what we endeavoured to find out in this year’s ratings comparison of banking customers, and we can now reveal that NAB has emerged with top honours for 2014.
Commonwealth Bank, Westpac, and ANZ made for particularly stiff competition, but only NAB successfully achieved our Most Satisfied Customers Award – Major Banks, 2014.
This was a close race, with NAB and Commonwealth Bank neck and neck in a number of key areas. However, our award winner is decided by one important criterion: overall satisfaction, which NAB was first and foremost in.
We have also produced challenger bank ratings for 2014, a comparison of non-major banks such as Heritage Bank, ING Direct, and HSBC.
Let’s take a closer look at the results of our major bank ratings.
Overall customer satisfaction
NAB achieved five stars for overall banking customer satisfaction, edging out Commonwealth Bank – who had four stars in this area. Both ANZ and Westpac received three stars overall.
Despite the obvious convenience and practicality of using internet banking for everyday tasks, branches are still heavily relied upon by countless Australians. Commonwealth Bank customers were most satisfied with the service they received at their branch, which earned this bank five stars. NAB, Westpac, and ANZ weren’t far behind, receiving four stars for branch service.
Call centre service
Finance doesn’t have to be a headache, so when you have a question or a personal query, phone your bank and their call centre should be able to help. Both NAB and Commonwealth Bank achieved five stars for call centre service, and were followed by four star recipient ANZ and three star achiever Westpac.
Internet banking service
Moving money, paying bills, and checking account balances can be so simple with the aid of a fully functioning internet banking platform. Both Commonwealth Bank and NAB secured five star ratings for online banking. Westpac and ANZ were close behind with four stars each.
The way problems are dealt with and resolved
A quick and painless resolution is best when problems arise with your bank. NAB and Commonwealth Bank customers were most satisfied with the way problems were dealt with and resolved at their bank. Each bank received five stars, and was followed by four star achievers ANZ and Westpac.
Efficiency in dealing with inquiries
Bank staff are happy to explain and discuss all kinds of finance terms, products, and concepts to you in plain clear language – you need only ask. Commonwealth Bank received five stars for how efficiently they dealt with inquiries. NAB were next with four stars, and ANZ and Westpac followed with three.
Mobile banking / smartphone applications
One avenue that continues to grow in terms of public interest is smartphone banking, and Commonwealth Bank has been quick to cater to this. They received five stars for the mobile / smartphone banking applications developed for customers. NAB and ANZ each achieved four stars for mobile banking, and Westpac finished with three.
Fees / charges
No one enjoys dealing with fees, so it’s important you find a bank who won’t charge you unfairly. NAB customers were most satisfied in this regard, which earned the brand five stars in this last rated area. ANZ, Commonwealth Bank, Westpac all followed with two stars for fees and charges.
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, 2,922 major 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.