Satisfaction with banks declines during Finance Royal Commission but remains positive

Original article by Roy Morgan
Market Research Update – Page: Online : 28-Sep-18

New research from Roy Morgan shows that bank customer satisfaction has declined from 81.2% in the six months to January 2018, prior to the Finance Royal Commission, to 78.9% in the six months to August 2018, which is unchanged from July. The decline of 2.3% points since January has resulted in the lowest satisfaction rating since June 2012, but it remains above the long-term average of 74.2%. Meanwhile, the level of dissatisfaction with banks is low and has increased only marginally from 4.9% in January to 5.7%. The combination of the 15.4% of bank customers who are indifferent to their relationship with their bank (i.e. neither satisfied or dissatisfied) and those who are dissatisfied (5.7%), means that more than one in five (21.1%) bank customers pose a potential threat to customer retention, up from 18.9% in January 2018 but well below the 2001 level of 40.1%. Roy Morgan’s "Customer Satisfaction-Consumer Banking in Australia August Report" is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes, including over 4,000 bank customers per month.


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