03/07/2009
CBA was the only bank amongst the big four to improve its customer satisfaction rating in the 12 months to May 2009. CBA lifted its rating to 71.2 per cent in May 2009, up from 67.9 per cent 12 months earlier. This makes it much closer to the market leader among the major banks, ANZ, which was down by 1.2 per cent over the same period to 74.1 per cent, according to Roy Morgan research.A year ago the CBA was 7.4 percentage points behind the ANZ and now it is only 2.9 per cent behind and well on the way to its objective of being number one in customer satisfaction amongst the majors.CBA management, and especially the managing director, Ralph Norris, have bonuses linked to gains in customer satisfaction. The Roy Morgan data reported here is one of three key indicators (the others being research by TNS covering business banking and Assirt covering wealth management) that will determine whether Norris collects $11 million in bonus shares in another year or two.If CBA rank first in each survey, and CBA perform tolerably in overall profit measured against its peers, then Norris collects. The improvement on the banking side, if maintained, is sufficient to deliver Norris one quarter of his projected bonus.Source: The Sheet Previous Article
* Based on best rates for a loan amount of $250,000.