Big Four satisfy the masses

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Consumers’ satisfaction with the big four remained unchanged on a 17-year high of 78.9% in April, but the banks must be doing something different with their advice clients.

Customer satisfaction was higher for those who contacted a financial planner/adviser, in all but one of the banks. Shooting ahead of the other banks by 6.6% was NAB, who reportedly satisfied 86% of its clients who contacted a financial planner. This was higher than their overall customer satisfaction at 79.3%.

A NAB Wealth spokesperson said they were pleased with the results and not surprised, due to their “proactive position” to create a more sustainable business. “It is always satisfying to receive positive feedback from our most important stakeholders. The improvements we made to our business models have increased quality, client engagement and ultimately client satisfaction.”

The stats come from the latest Consumer Banking in Australia Customer Satisfaction Report for April 2013, completed by independent Australian research company Roy Morgan

According to the research, CBA leads overall customer satisfaction at 80.5%, but only 79.4% of those who contacted a financial planner were satisfied. ANZ was next in line with 77.6% satisfaction among customers, but a 1.2% rise to 78.8% for advice clients. An ANZ spokesperson said they were pleased to see an increase in satisfaction among customers: “However, we know we still have more work to do and we’re focussed on delivering the right financial products services and advice that suits the needs of our customers.”

Westpac was at the bottom of the big four with 76.7% satisfaction among overall customers, but another rise in satisfaction for those who contacted a planner, at 78.1%.