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 (NAB) nabs Most Satisfied Customers – Major Bank Award
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.
ING wins Most Satisfied Customers – Challenger Bank Award
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)