2011 – Major Banks Ratings
Posted by Canstar Blue April 8th 2011
Bank survey reveals going out on a limb pays off: NAB tops the charts for major 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.
The National Australia Bank showed a dramatic improvement on last year’s results by bolting in from last to first in the comparison between the big banks. See challenger bank results here.
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, NAB’s much publicised “break-up” from its peers via a high profile marketing campaign last Valentine’s Day was bold, and signalled its intention to go it alone in the area of home loan finance. Over the past 18 months NAB has embarked on a spree of banking fee elimination across a range of products. Our survey has revealed that customers are reacting positively to this pricing strategy.
NAB easily has the most satisfied customers among the major banks, with both its products and pricing and friendly service receiving five stars. Interestingly, this mirrored ME Bank’s results, 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 NAB’s internet services.
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.
NAB received five stars for overall satisfaction, followed by ANZ and Westpac on four stars, and Commonwealth Bank on three stars.
Commonwealth Bank received five stars for branch services, followed by ANZ and Westpac on four stars and NAB on three stars.
Call centre service
There were no five star ratings awarded for major bank call centres. Commonwealth Bank and Westpac received four stars while ANZ and NAB received three stars.
NAB, Commonwealth Bank and Westpac all received five stars for internet banking services, while ANZ received four stars.
Products and Pricing
NAB was awarded five stars for products and pricing, followed by ANZ on four stars and Commonwealth Bank and Westpac on three stars.
Westpac received five stars for problem solving, followed by ANZ and NAB on four stars and Commonwealth Bank on three stars.
NAB received four stars for being innovative while ANZ, Commonwealth Bank and Westpac received three stars.
NAB, Commonwealth Bank and Westpac received five stars for friendliness, while ANZ received four stars.