How happy are you with your bank? That’s what we asked thousands of Australian consumers in order to determine which major and challenger banks had the most satisfied customers.
A recent Canstar survey found most Australian consumers still highly value the customer service they receive from their bank. In fact, 73% of major bank customers and 76% of challenger bank customers said customer service was a major factor in their decision to remain loyal.
In the survey of more than 3,500 customers of the four major banks and nearly 1,800 customers across 14 challenger banks, Canstar asked respondents to grade their overall satisfaction with their provider, with the results forming the basis of our Most Satisfied Customers – Major Banks and Most Satisfied Customers – Challenger Banks Awards.
Canstar’s Most Satisfied Customer Awards delve into how customers rate their overall satisfaction with a particular financial institution, and complement the Star Ratings and Awards that are calculated by our expert researchers.
Canstar’s Group Executive of Financial Services, Steve Mickenbecker, said the Customer Satisfaction Awards were like word-of-mouth recommendations from friends.
“People are very good judges of when they have received good service and when their expectations have been met or exceeded,” he said.
National Australia Bank – one of Australia’s big four banks – has won Canstar’s 2019 Most Satisfied Customers – Major Bank Award.
Looking at overall survey responses across all banks, customer service was the biggest indicator of customer satisfaction, based on those surveyed. This was followed by fees and charges, with institutions’ problem-solving capabilities coming in third. Digital banking functionality was considered the least important indicator.
Interestingly, more than half (60%) of major bank customers in the survey said they had always been with the bank they first opened an everyday transaction account with, while 64% said they used the one institution for all their banking needs, including savings accounts, home loans and credit cards.
Looking beyond Australia’s four major banks, ING took home Canstar’s Most Satisfied Customers – Challenger Bank Award for 2019. This survey asked customers whose main bank was not one of the big four to rate their overall satisfaction with their institution.
Similar to the Major Bank Award, survey responses across customers of challenger banks showed customer service was the biggest indicator of customer satisfaction. This was followed by fees and charges, then the ability of institutions and their staff to assist in problem solving. Self-service capability was considered the least important indicator.
Unlike customers of the four major banks, only 36% of surveyed challenger bank customers said they were still with the bank they first opened their everyday transaction account with, while nearly half (44%) used more than one institution for different banking requirements, including credit cards, personal loans and home loans.
Cover image source: Tirachard Kumtanom (Shutterstock)
Try our Savings Accounts comparison tool to instantly compare Canstar expert rated options.
This advice is general and has not taken into account your objectives, financial situation, or needs. It is not personal advice. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser. For more information, read Canstar’s Financial Services and Credit Guide (FSCG) and our detailed disclosure. Canstar may receive a fee for referring you to a product provider – for further information, see how we get paid.
Canstar is a comparison website, not a product issuer, so it’s important to check any product information directly with the provider. Consider the Product Disclosure Statement (PDS), Target Market Determination (TMD) and other applicable product documentation before making a decision to purchase, acquire, invest in or apply for a financial or credit product. Contact the product issuer directly for a copy of the PDS, TMD and other documentation.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular credit product or loan. If you decide to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar. Rates and product information should be confirmed with the relevant credit provider. For more information, read the credit provider’s key facts sheet and other applicable loan documentation for that product. Read the Comparison Rate Warning.
Before you elect to terminate or modify existing lending arrangements, it is recommended that you consider all associated fees and application costs, as well as the timing and impact these changes could have on your wider financial arrangements and personal circumstances.
*We are Australia’s Biggest Financial Comparison Site. Click here to learn more
This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement and target market determination before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.