Small banks beat big competitors

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Small banks were the big winners on the night at Roy Morgan Research’s third annual customer satisfaction gala.

The awards, which were given to businesses that topped their respective fields, were judged by more than 50,000 consumers and 22,000 business decision-makers throughout 2013.

The banking and finance category, which included consumers, banking, insurance and superannuation, showed very positive results as the industry continues to climb in customer satisfaction since the severe downward trend in 2001.

And although the big four banks achieved record high levels of satisfaction for the 2013 year, the smaller banks still beat them out and the Victorian Teachers Mutual Bank took home the bank of the year award on the night.

In the business banking category, Westpac performed the best, winning top place for 11 months during the year.

In terms of insurance, Real Insurance was the victor in the category for Risk and Life insurer of the year, and Elders was awarded business insurer of the year.
The award for industry superannuation fund of the year went to Catholic Super.

CEO of Roy Morgan Research, Michele Levine, said the 2013 results are a positive step forward for the financial industry.

“Other segments of the industry, like managed funds and insurance, have increased their focus on customer satisfaction and how they rate relative to their competitors,” she said.
And the winners are:
  • Bank of the Year – Victoria Teachers Mutual Bank
  • Building Society of the Year – Greater Building Society
  • Credit Union of the Year – CUA
  • General Insurer of the Year – Defence Service Homes Insurance (DVA)
  • Major Bank of the Year – Commonwealth Bank
  • Private Health Insurer of the Year – Teachers Health Fund
  • Risk & Life Insurer of the Year – Real Insurance
  • Business Bank of the Year – Bendigo Bank
  • Business Insurer of the Year – Elders
  • Business Superannuation Manager of the Year – BT
  • Major Business Bank of the Year – Westpac
  • Industry Superannuation Fund of the Year – Catholic Super
  • Retail Superannuation Fund of the Year – Plum

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