Double Displeasure: Major bank leads satisfaction decline

In a recent article from Australian Broker Online it stated that the majors have all drawn the ire of consumers for their out-of-cycle rate moves, but one has taken the brunt of the anger with its satisfaction dropping more than twice that of its rivals.                                                                                               ANZ has seen its customer satisfaction fall by 3.1% for the three months to May, more than double that of the other major banks. The bank has taken the heat from borrowers for initiating February’s out-of-cycle rate hikes as first mover following the RBA meeting.

Home loan customers have been particularly tough on ANZ, with satisfaction among its mortgage holders down 5.6% over the last three months. By comparison, Westpac saw its mortgage customer satisfaction decline 3.3%, CBA was down 1% and NAB actually increased home loan satisfaction by 0.4%. The decline has seen Commonwealth Bank move to second among the majors in terms of satisfaction, at 77.2%. NAB remains the leader in customer satisfaction at 77.7%, while ANZ fell to third place at 75.5%.  Westpac remain last among the big four at 75%.

The major banks have now seen their third consecutive month of satisfaction declines. Satisfaction with the big four on a whole fell 0.4% in April, following a 0.4% decline in March and a 0.5% drop in February. But the major banks remain ahead of where they were last year. NAB is up 5.8% in satisfaction over the last 12 months, while CBA has seen a 5.7% increase, Westpac has risen 1.1% and ANZ has managed a 0.3% improvement.    

John Whitten can be contacted on 0749722081 or 0410433919. You can also email him at or look him up on the net John Whitten is a credit representative (CRN 399796) of BLASSA Pty Ltd (Australian Credit Licence No 391237).