ANZ breaks from the big bank pack
The latest quarterly survey of customer satisfaction toward retail banks in Australia shows a reversal of fortunes for three of the big banks, but a steady score for ANZ Bank. A regular survey by Nielsen Media Research shows that during the March 2005 quarter, customers of the five largest banks who said they were very satisfied or quite satisfied with their main financial institution dropped to an average of 81 per cent, from an average of 86 per cent in the December 2004 quarter. The reversal in customer satisfaction is most adverse for Commonwealth Bank, with a decline over the quarter of eight percentage points to 76 per cent. St George declined by six percentage points to 83 per cent, National Australia Bank by six percentage points to 77 per cent and Westpac declined by four percentage points to 81 per cent. ANZ by contrast held its measure of customer satisfaction steady at 89 per cent. The gap between ANZ the average of its four competitors is now 10 percentage points.