Customers rate ANZ the favourite bank

28/10/2009

Amongst bank customers overall, bank satisfaction for the last 12 months improved by 0.5 percentage points to 73.2 per cent. The four majors have shown above-average improvement to 71.7 per cent.

ANZ remains the market leader (at 74.3 per cent) amongst the majors but has declined over the 12 months and is now only two percentage points ahead of Westpac. CBA had the biggest improvement amongst the majors over the 12 months (up 2.7 percentage points) and is now in third place and well clear of NAB.

Recent announcements of reductions in many penalty fees show the major shift in product in the retail banking space in recent months. Their actual elimination might affect these scores next year, and NAB, as instigator of this shift, may hope so.

Building societies, with a satisfaction ranking of 87.9 per cent and credit unions, at 86 per cent, continue to lead on this measure.

Source: The Sheet

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