CONSUMER SATISFACTION – AUSTRALIA

Super fund satisfaction soars to a new record high as Australia recovers from the COVID-19 pandemic

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Original article by Roy Morgan
Market Research Update – Page: Online : 26-May-21

New data from Roy Morgan’s Superannuation Satisfaction Report shows an overall super fund satisfaction rating of 71.7% in April 2021 – an increase of 7.0% points from a year ago and up 10.7% points since October 2020. Self-Managed Funds still have the highest customer satisfaction of 81.1%, up 5.8% points from a year ago. Public Sector Funds are in a clear second place with customer satisfaction of 78.9%, up 4.8% points on a year ago. The two largest increases in satisfaction over the last year are for Industry Funds, up 6.8% points to a record high of 71.8% and Retail Funds, up by an impressive 7.2% to a near record high 67.8%. UniSuper has the highest customer satisfaction rating of the Industry Funds, ahead of Cbus, AustralianSuper and Catholic Super. The highest placed Retail Super Fund is OnePath, followed by MLC, Colonial First State and ASGARD. The report’s findings are from Roy Morgan Single Source, Australia’s most trusted consumer survey, compiled by in-depth interviews with over 50,000 Australians each year.

CORPORATES
ROY MORGAN LIMITED

Overall satisfaction with Big 4 banks is higher than a year ago with CBA & NAB the top two

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Original article by Roy Morgan
Market Research Update – Page: Online : 26-May-21

New data from Roy Morgan shows that 80.5% of customers are satisfied with their bank(s) in April 2021, an increase of 1.3% points on a year ago when the COVID-19 pandemic began. The increase was built upon increases in satisfaction for building societies (up 3% points on a year ago), foreign banks (up 2.3% points) and Australia’s ‘Big 4’ banks (up 0.3% points). Satisfaction for the four major banks as a group is 77.1%, up 0.3% points on April 2020, and up 0.2% points on January 2021. The big improver over the last year has been the NAB which has increased its customer satisfaction by 1.9% points to 78.6%, to be just behind the Commonwealth Bank on 78.8% (down 0.2% points). Third is ANZ on 75.0% (up 0.6% points on April 2020), followed by Westpac on 73.5% (down 0.4% points). Among banks as a whole, Beyond Bank scored the highest in April, on 92.7% (up 1.8% points in 12 months). ING was the highest rated foreign bank on 90.6% (up 1.7% points), Newcastle Permanent led the way for building societies on 94.8% (up 3.1% points), while Credit Union Australia was the highest ranked credit union, on 86.9% (up 3.9% points). The findings, taken from Roy Morgan’s Customer Satisfaction report on Consumer Banking in Australia, reflect the successful way the banking sector responded to financial challenges faced by millions of Australians as a result of the 2020 COVID-19 pandemic.

CORPORATES
ROY MORGAN LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, BEYOND BANK AUSTRALIA, ING BANK (AUSTRALIA) LIMITED, NEWCASTLE PERMANENT BUILDING SOCIETY LIMITED, CREDIT UNION AUSTRALIA LIMITED

Small super funds return a higher level of satisfaction for investors

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Original article by Aleks Vickovich
The Australian Financial Review – Page: 17 : 17-May-21

Research by CoreData shows that superannuation funds with assets of less than $20bn outperform their larger peers in terms of customer satisfaction. Smaller funds received an overall score of 63 among members who have retired and a score of 53.2 with regard to preparedness for retirement. In contrast, large super funds received a rating of 57.7 among retirees and just 46.9 among pre-retirees. The survey of more than 4,000 respondents has coincided with a regulatory push for smaller super funds to merge.

CORPORATES
COREDATA PTY LTD

RAA tops for general insurance customer satisfaction – marginally ahead of RACT, RAC and Shannons

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Original article by Roy Morgan
Market Research Update – Page: Online : 21-Apr-21

The latest Roy Morgan General Insurance Satisfaction report shows that South Australia-based RAA had the highest general insurance satisfaction rating of 94% in December 2020, an increase of 3% on a year ago. It is followed by Tasmania’s RACT with a customer satisfaction rating of 92% (down 1%), Western Australia’s RAC on 92% (up 5%) and Suncorp Group-owned Shannons on 91% (up 1%). The largest improvement among the leaders for general insurance satisfaction has been by the Suncorp Group’s Bingle, which increased customer satisfaction by 8% points during 2020 to an impressive 88%. The larger general insurance brands which cater to a more diverse range of customers nation-wide have also had a good year, with improvements in customer satisfaction across the board. The big improvers include CommInsure (up 8% points on a year ago), Budget Direct (up 8% points), Allianz (up 5% points), and the larger State-based RACQ in Queensland (up 5% points) and NRMA in NSW (up 3% points). Overall in December 2020 a majority of 82% of Australians are satisfied with their general insurer, up 3% points from the same time a year ago (79%). These latest results are based on in-depth interviews conducted with over 50,000 consumers per annum, including over 35,000 with general insurance.

CORPORATES
ROY MORGAN LIMITED, RAA INSURANCE LIMITED, RACT INSURANCE PTY LTD, RAC INSURANCE PTY LTD, SHANNONS, BINGLE.COM PTY LTD, SUNCORP GROUP LIMITED – ASX SUN, COMMINSURE, BUDGET DIRECT INSURANCE AGENCY PTY LTD, ALLIANZ AUSTRALIA LIMITED, RACQ INSURANCE LIMITED, NRMA INSURANCE LIMITED

Super fund satisfaction increases in October

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Original article by Roy Morgan
Market Research Update – Page: Online : 9-Dec-20

New data from Roy Morgan’s Superannuation Satisfaction Report shows an overall super fund satisfaction rating of 61.0% in October. This is an increase of 0.6% points from a month ago, but still down 3.1% points on a year ago. The most recent ratings cover the period since May 2020, during which time Australians in financial hardship were able to apply to withdraw two tranches of up to $10,000 of their superannuation. Importantly, the monthly increase in Superannuation Satisfaction is the first month-on-month increase since the COVID-19 pandemic and appears to represent a turning of the corner for the rating after declining during the worst months of the pandemic. The largest increase by sector was for Self-Managed Funds, which increased 1.5% points to a customer satisfaction rating of 65.3%. Public Sector Funds increased their customer satisfaction by 1.3% points to 71.5% and for the fifth month in a row have clearly the highest rating. The customer satisfaction rating of Industry Funds rose by 0.4% points to 62.5% in October, and Retail Funds were up 0.1% to 53.6%. The report’s findings are from Roy Morgan Single Source, Australia’s most trusted consumer survey, compiled by in-depth interviews with over 50,000 Australians each year.

CORPORATES
ROY MORGAN LIMITED

Satisfaction of Australia’s banks improves amid COVID-19

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Original article by Roy Morgan
Market Research Update – Page: Online : 22-Jul-20

New data from Roy Morgan shows that customer satisfaction with Australia’s banks was at 79.5% in May, up 0.2% points on April and up 1.1% points from May 2019. The biggest improvement in customer satisfaction over the last year was from Australia’s four major banks, with satisfaction up 1.4% points to 77.2% in May. Commonwealth Bank has the highest satisfaction of the four majors in May, closely followed by NAB, ANZ and Westpac. Mutual Banks continue to have the edge in customer satisfaction and are up 0.7% points from a year ago, to 89.2%. The leading Mutual Bank for satisfaction is Bank Australia, closely followed by Bank First and Beyond Bank. The foreign banks operating in Australia have a high customer satisfaction of 85.5% in May, but this is down 0.3% points from a year ago. Of the foreign banks ING is a clear leader for satisfaction ahead of HSBC and Citibank. These are some of the latest findings from Roy Morgan’s ‘Customer Satisfaction report on Consumer Banking in Australia’. This report is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes.

CORPORATES
ROY MORGAN LIMITED, 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, BANK AUSTRALIA, BANK FIRST, BEYOND BANK AUSTRALIA, ING BANK (AUSTRALIA) LIMITED, HSBC BANK AUSTRALIA LIMITED, CITIBANK PTY LTD

Super fund satisfaction down in May, but still up on a year ago as Australians withdraw up to $10,000

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-Jul-20

New data from Roy Morgan’s Superannuation Satisfaction Report shows an overall super fund satisfaction rating of 63.6% in May. This is down 0.9% points on the previous month, but an increase of 2.9% points on May 2019. Compared to a year ago the largest increase by sector was for Retail Funds, which increased 2.2% points to customer satisfaction of 58.7%. Also increasing their satisfaction were Industry Funds, up 1.9% points to 64.4%, and Public Sector Funds which increased 1.6% points to 72.7%. Although Self-Managed Funds were the only sector not to record an increase, they still maintain a high overall satisfaction rating at 72.3%, down 1.9% points on a year ago. Unisuper has the highest customer satisfaction rating of the Industry Funds, ahead of CARE Super and AustralianSuper. The highest placed Retail Super Fund is Colonial First State followed by OnePath and MLC. The report’s findings are from Roy Morgan Single Source, Australia’s most trusted consumer survey, compiled by in-depth interviews with over 50,000 Australians each year.

CORPORATES
ROY MORGAN LIMITED, UNISUPER LIMITED, CARE SUPER PTY LTD, AUSTRALIANSUPER PTY LTD, COLONIAL FIRST STATE GROUP LIMITED, ONEPATH AUSTRALIA LIMITED, MLC LIMITED

CBA leads small business banking satisfaction during COVID-19 shutdowns

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Original article by Roy Morgan
Market Research Update – Page: Online : 24-Jun-20

New research from Roy Morgan shows that small business owner banking satisfaction for the four major banks was at 71% in the 12 months to April, an increase of 0.9% points from the year to March as shutdowns were enforced across the Australian economy. Satisfaction increased for all four major banks and was highest in the year to April for the Commonwealth Bank at 74.6%, up 0.9% points on the corresponding figure for March. However, the biggest increase was for ANZ which increased 1.1% points to 64.2% while there were also increases in satisfaction for both Westpac and NAB. These are the latest findings from interviews with 2,359 small businesses owners as part of the Roy Morgan Business Owner Satisfaction Monitor regarding their level of satisfaction with the financial institution they deal with.

CORPORATES
ROY MORGAN LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

High satisfaction ratings for chemists and pharmacies as Australia faced bushfires and then the COVID-19 pandemic

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Jun-20

Research conducted by Roy Morgan in the year to March 2020 shows that 12 million Australians (57%) shop at chemists/pharmacies in an average four weeks. The leading stores, including Priceline Pharmacy, My Chemist, TerryWhite Chemmart and Chemist Warehouse, each have well over 1 million customers. Roy Morgan CEO Michele Levine says that the good news for chemists and pharmacies is that the 12 million customers of Australia’s chemists/ pharmacies rate their customer satisfaction amongst the highest of any of the more than 30 industries Roy Morgan measures on a weekly basis. Overall customer satisfaction for chemists/pharmacies averages a very high 90.5% and is in third position out of 32 industries. Chemists/Pharmacies rank behind only car manufacturers (92.3%) and hardware stores (90.8%). This high satisfaction for the industry is across the board and the top eight chemists and pharmacies are separated by a total of only 5% points.

CORPORATES
ROY MORGAN LIMITED

Low internet service provider customer satisfaction provides opportunities for innovative offerings

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Original article by Roy Morgan
Market Research Update – Page: Online : 3-Jun-20

Customer satisfaction with internet service providers as a whole averages only 75%. That puts it at number 24 out of the 32 industries for which Roy Morgan continuously takes this measure. Within that overall result there are marked differences between individual ISP scores. One of the strategies used by Australia’s major telecommunication companies to capture a larger share of the overall market is to have multiple brands targeting specific demographics. These different brands get very different results. Telstra, easily the largest internet service provider in Australia, offers a perfect example, with its Telstra ISP brand trailing far behind its discount subsidiary brand Belong for customer satisfaction. Australia’s second-largest internet service provider, TPG encompasses several Internet subsidiary brands, including iiNet, Internode and Westnet. All have been good performers, with Internode winning the Annual Roy Morgan Customer Satisfaction Award for 2019 and both TPG and iiNet scoring above average in the most recent monthly results. In contrast, the country’s third-largest ISP, Optus, has the lowest customer satisfaction of the leading brands and was the only major provider to lose customers over the last year.

CORPORATES
ROY MORGAN LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, BELONG PTY LTD, TPG TELECOM LIMITED – ASX TPM, IINET LIMITED, INTERNODE SYSTEMS PTY LTD, WESTNET PTY LTD, SINGTEL OPTUS PTY LTD