Overall customer satisfaction with the country’s big four banks has declined in May, down to an average 76.2 per cent.

 

The ANZ recorded the biggest drop, with customer satisfaction declining 1.7 per cent, while Westpac recorded a 0.4 per cent contraction. The NAB experienced a 0.4 per cent bump in approval ratings, while the CBA enjoyed a 0.1 per cent increase.

 

Roy Morgan found that ANZ’s drop in satisfaction was driven 2.5 per cent fall in satisfaction of their home loan customers, bringing the overall satisfaction with the bank to 73.8 per cent.

 

The NAB has retained its position as the leader of the big four in terms of satisfaction, recording a steady 78.1 per cent, having continued to show strong improvement (5.8 per cent) over the last 12 months.

 

The CBA has also continued to improve, recording 77.3 per cent satisfaction with its customers. Westpac, with satisfaction of 74.6%, has held relatively steady over the last 12 months.

 

Norman Morris, Industry Communications Director at Roy Morgan Research, said the results show increased potential for smaller banks to make bigger inroads in the market.

 

“With the govt promising to make it easier for people to switch banks starting 1 July, it will be interesting to see if the alternatives to the big four (including Building Societies and Credit Unions) can capitalise on their clear leadership in customer satisfaction,” Mr Morris said.