Which banks have the most satisfied customers in 2020?

Research from Canstar has revealed the Australian banks with the most satisfied customers in 2020. Did yours make the list?

Most of us use at least one bank, but how many of us take the time to think about how happy we are with it?

Canstar Finance Expert Steve Mickenbecker suggested that what we use our banks for could be an influential factor.

“Banks are ubiquitous in all of our lives, and we’re all using banking services in one form or another, even if it’s only to receive and spend our pay,” he said.

“But the value and satisfaction you get from your bank can become more important when you’re doing something like taking out a loan, or trying to build up some savings.” 

Canstar surveyed 7,976 customers of 37 different financial institutions in February-April 2020, to find out which of the eligible providers had the most satisfied customers. The survey also revealed which of the following factors had the greatest influence on customers’ overall satisfaction with their bank: value for money, customer service, communication, ongoing fees and charges, and digital banking.

This year, Canstar has recognised the institutions with the most satisfied customers in three categories. 

• Most Satisfied Customers – Bank – includes banks of all sizes.
• Most Satisfied Customers – Customer Owned Bank – includes mutual banks, credit unions and building societies.
• Most Satisfied Customers – Major Bank – includes the big four banks: ANZ, Commonwealth Bank, National Australia Bank (NAB), and Westpac.

This year’s Award winners 

Most Satisfied Customers – Bank: ING 

ING has won Canstar’s Most Satisfied Customers – Bank Award, continuing its winning streak after also winning our Bank of the Year and Most Satisfied Customers – Home Lender Awards in recent months. ING also picked up one of Canstar’s Most Satisfied Customers – Banking Awards last year.

This year ING was the top-scoring eligible bank in its category when it came to digital banking and ongoing fees and charges, and beat the average score on each of the variables assessed. 

Of the consumers assessed for this Award, the most satisfied came from Queensland and Tasmania and were 70+ years old. 

Most Satisfied Customers – Customer Owned Bank: Greater Bank

Greater Bank has won Canstar’s very first Most Satisfied Customers – Customer Owned Bank Award, off the back of a strong performance which saw it beat the average score on every variable assessed, and score the highest of any eligible customer-owned bank for customer service and ongoing fees and charges. 

Customers hailing from Victoria were the most satisfied of any state, and customers aged 60-69 years old and 70+ years old were the most satisfied age brackets among the customers surveyed in this category. 

Most Satisfied Customers – Major Bank: NAB

NAB has beat out the rest of the big four banks to once again win Canstar’s Most Satisfied Customers – Major Bank Award, after also winning it in 2019. 

Canstar Research said NAB was the top-scoring major bank on both value for money and ongoing fees and charges, and beat the average score on almost every variable assessed. 

The most satisfied major bank customers came from Western Australia, and around the country the most satisfied major bank customers were in the 18-29 and 70+ age categories. 

What’s driving customers’ satisfaction with their banks? 

Across all customers surveyed for this year’s Awards, value for money and customer service had the greatest influence on overall satisfaction, with around 30% each. Communication accounted for around 20%, ongoing fees and charges was next with around 11%, and digital banking had the least influence on overall satisfaction at 10%. 

“It’s not surprising that value for money was a major driver of customer satisfaction,” Mr Mickenbecker said. 

“Paying too much for regular and ongoing services can add up over time, especially if you’ve got something large like a home loan,” he added.

“The other major driver was customer service, which is arguably more important to banking than most industries, because it’s an ongoing service that we’re receiving over many years.”

Overall, customers of major and non-major banks were least satisfied when it came to ongoing fees and charges, while those banking with customer owned institutions were least satisfied with communication.

Generally speaking, customers aged 70+ had the highest satisfaction levels, but customers of banks and major banks aged 18-29 also had high satisfaction levels, compared to other age groups. 

For more information on how our Customer Satisfaction Awards work, including eligibility criteria, you can read the methodology.

This article was reviewed by our Sub-editor Tom Letts and Finance Editor Sean Callery before it was published, as part of our fact-checking process.