CBA remains in the top position for consumer satisfaction levels out of the four major groups, but saw a decline of 0.6 percentage points, according to a survey.
The Roy Morgan Consumer Banking Satisfaction Results for July showed that in the six months to July 2014, CBA maintained its leading position among the big four with an 81.5 per cent satisfaction level, despite some of the negative publicity surrounding its advice business.
Satisfaction levels among the four major banks grew much closer in July, however, with CBA holding only a 1.3 per cent lead over Westpac’s satisfaction level of 80.2 per cent.
This was followed by NAB, with a satisfaction rating of 80 per cent, and ANZ, with a satisfaction level of 79.2 per cent.
However, the satisfaction levels of the four major banks were still well below that of other banks, building societies and credit unions .
The four major banks had a satisfaction rating of 80.5 per cent overall, while building societies had a satisfaction level of 91.6 per cent, credit unions had a rating of 90.8 per cent, and mutual banks, foreign banks and other banks all had an average rating above 85 per cent.
Roy Morgan Research director of industry communications Norman Morris said while satisfaction with the big four banks has increased significantly over the past 13 years, the results show there is still room for improvement.
Mr Morris said smaller competitors are outperforming the major banks “on a number of important dimensions in relation to fees and charges, interest rates and treatment of customers”.
Single adviser practices culled from the industry’s largest licensees may be t...
AMP will launch a new phone-based intra-fund advice service for members of its S...
The union peak body has told the Treasurer that selling pensions giant Colonial ...