Original article by Roy Morgan
Market Research Update – Page: Online : 2-Apr-19
In January 2018, immediately prior to the Finance Royal Commission, the Net Promoter Score of Australia’s big four banks was 2.8. This fell to minus 2.8 in November 2018. The latest figure for February 2019 has shown some recovery to minus 1.6, but this remains one of the lowest levels recorded since 2014 and much lower than the latest rating of 23.2 for banks outside of the big four. Among the 10 largest MFI banks, ING has an NPS score of 51.8, well ahead of second-placed Bendigo Bank on 34.0, followed by Bank of Queensland with 19.0. These three top performers are well above the current bank average NPS of 5.3. The CBA is the only one of the big four with a positive NPS (3.8), and is followed by NAB (-5.6), ANZ (-6.8) and Westpac (-7.3). Meanwhile, satisfaction with banks has declined from 81.2% prior to the Royal Commission and has fallen to 77.9% in February. These are some of the latest findings from Roy Morgan’s ‘Advocacy Report, Financial Institutions, Monthly Report-February 2019’, which is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes.
ROY MORGAN LIMITED, ING BANK (AUSTRALIA) LIMITED, BENDIGO BANK, BANK OF QUEENSLAND LIMITED – ASX BOQ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC