High income earners like Westpac

28/10/2009

Individuals earning more than $90,000 year are less satisfied with their bank than other customers. High-income earners account for about nine per cent of all bank customers but have a higher number of products per customer, such as credit cards, investment loans, superannuation, home loans and life insurance.

This segment averages 11.4 financial products per customer, compared to the overall population average of 7.3. This higher income group thus accounts for just over one quarter of financial services footings, which gives it the best cross sell potential.

The leader in customer satisfaction for the big four amongst this high income group, according to Roy Morgan, is Westpac, at 69.1 per cent, followed by the ANZ (67.2 per cent), Commonwealth Bank (64.5 per cent) and then National Australia Bank (61.6 per cent).

Roy Morgan said the biggest improver amongst the majors for this segment over the last 12 months was Westpac with a rise of six percentage points. ANZ was the only major bank to show a decline (of 2.7 percentage points).

Source: The Sheet

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