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Banksters: Customers’ perception depends on avoiding negative publicity,

Posted by on in Bankers A Law Unto Themselves
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“Continued improvement in bank customers’ perception will depend largely on the big four avoiding any further negative publicity, as we have seen that Westpac, the CBA and most recently ANZ have all suffered major setbacks in customer satisfaction following negative market announcements,” says Norman Morris, industry communications director at Roy Morgan Research."

--NAB customer satisfaction rating reaches record high but home loan customers not any happier: Roy Morgan

NAB’s customer satisfaction rating lifted 0.7 percentage points to 80.3% in September to reach the highest score for a big four bank since Roy Morgan began researching customer attitudes to the banks in 1996.

The bank’s customer satisfaction rating has improved by 3.8 percentage points over the past 12 months to be the “clear market leader” among the big four banks.

However, NAB’s rating is due to the satisfaction of its non-home loan customers ( up 5.2 percentage points over the past 12 months), whereas its home loan customers had a decline in satisfaction of 1.4 percentage points over the same period – despite NAB maintaining its promise of offering the lowest standard variable rate of the major banks.

All the major banks improved their ratings over September as customer satisfaction with the banking sector as a whole improved for the third consecutive month to 79.4%.

Despite the positive trend shown by the big four banks, they still lag far behind the satisfaction levels of their smaller rivals, with an average satisfaction rating of 77.3% compared with 84.1%.

The best performers among the smaller banks were bankmecu (93.7%), Heritage Bank (90.7%), BankSA (88.7%) and Bendigo Bank (87.6%).

Over September, the Commonwealth Bank matched NAB with a 0.7 percentage point increase to 78.5%.

Westpac recorded the biggest monthly increase of 1 percentage point to reach 75.7% to rank third of the big four, with ANZ improving by 0.5 percentage points to a satisfaction rating of 74%.

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Roy Morgan says the improvement in Westpac’s customer satisfaction rating was mainly due to an improvement in September in satisfaction among its home loan customers.

Home loan customers still remain less satisfied across all of the major banks compared with non-home loan customers, presumably due to the banks' policy of not passing on full rate cuts.

“Recent reductions in home loan rates should improve satisfaction levels among borrowers but this can also be impacted by any negative perceptions if the full rate drop is not being passed on,” notes Roy Morgan.

“Continued improvement in bank customers’ perception will depend largely on the big four avoiding any further negative publicity, as we have seen that Westpac, the CBA and most recently ANZ have all suffered major setbacks in customer satisfaction following negative market announcements,” says Norman Morris, industry communications director at Roy Morgan Research.

“The big four have arguably set their satisfaction target a little low by focusing almost exclusively on how they rank against each other rather than against their smaller competitors who are perceived as performing much better in terms of customer satisfaction and have considerable combined market strength.”

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  • doyla66
    doyla66 Thursday, 25 October 2012

    "Negative market announcements" impacting customer satisfaction?
    Don't they mean "adverse media reports" and "increasing awareness of improper conduct by banks over a long period of time" coupled with "serious oversights by Australian regulators" and "downright moronic answers from regulatory chiefs in public places" ?
    Customer satisfaction is actually surveyed from their customers so if their customers lack "satisfaction" with their bank its up to that particular bank to lift their game or risk losing that customer.
    Maybe the banks would like to explain how external events could directly impact that, when they apply more thought and less spin?
    Don't blame Europe or the GFC for their customers switching banks.
    Maybe the bank investments aren't producing the ROI that investors wanted (especially their US bank shareholders) but the external environment is something that would be impacting all banks to some degree. It's a fact of life in Banksterland - just like exorbitant executive payments, palatial accommodation for their offices and showing off with overseas staff rewards, while putting off staff in favour of cheaper slave labour overseas. All their own work.
    I just can't believe they are so thick!
    Or that they think Joe and Josephine Public are so stupid that they will believe the guff from the Bankster PR people!
    Avoid negative reporting - more spin and gloss, like the government?
    I guess even Banksters have to learn the hard way.... :D

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