Building Society and Credit Union customer satisfaction? You can bank on it

Original article by Roy Morgan
Market Research Update – Page: Online : 2-Oct-19

New research by Roy Morgan shows that customer satisfaction with building societies and credit unions was 89.8% in the six months to August 2019, compared with a 76.7% customer satisfaction rating for Australia’s four major banks. In stark contrast to the banks, the financial services royal commission resulted in only a minor dent in the satisfaction ratings of building societies and credit unions. Meanwhile, Newcastle Permanent Building Society has won the monthly customer satisfaction award for August, with a rating of 92%, ahead of Credit Union Australia (91%) and People’s Choice Credit Union (88%). These findings come from the Roy Morgan Single Source survey, which is based on in-depth face-to-face interviews with over 50,000 Australians each year in their homes.

CORPORATES
ROY MORGAN LIMITED, NEWCASTLE PERMANENT BUILDING SOCIETY LIMITED, CREDIT UNION AUSTRALIA LIMITED, PEOPLE’S CHOICE CREDIT UNION

Savers at risk in bank, credit union data hack

Original article by Joyce Moullakis
The Australian – Page: 19 : 26-Aug-19

The security of the New Payments Platform is under scrutiny in the wake of revelations that the system has been subject to a second data breach. Cuscal has indicated that only about three per cent of bank and credit union customers who have registered for a PayID have been affected by the breach, which equates to less than 92,000 customers. Westpac customers who use the real-time NPP system were affected by a data breach in June.

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

The 2018 8th Annual Roy Morgan Customer Satisfaction Awards: Banking and Finance Winners

Original article by Roy Morgan
Market Research Update – Page: Online : 25-Feb-19

Australia’s most satisfying banks, insurers and superannuation funds have been announced at the 8th Annual Roy Morgan Customer Satisfaction Awards. In a very difficult year for banking with the Royal Commission, declining trust, combined with disrupters, it is a major achievement to be rated the number one bank for customer satisfaction. The winner in a very crowded field has to be a strong performer, and this honour goes to Heritage Bank. For the sixth year running, the Commonwealth Bank has claimed the annual award for Major Bank of the Year, driven in particular by strength in mobile and internet banking satisfaction. People’s Choice Credit Union is again the winner in the category of Building Societies and Credit Unions, while RACT has won the General Insurer award for the fourth year in a row, with a clean sweep of the 12 monthly titles. Meanwhile, not-for-profit health fund St Luke’s Health has again won the Private Health Insurer award, while Macquarie and Catholic Super are retail and industry super fund of the year respectively.

CORPORATES
ROY MORGAN LIMITED, HERITAGE BANK LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, PEOPLE’S CHOICE CREDIT UNION, RACT INSURANCE PTY LTD, ST LUKE’S HEALTH INSURANCE, MACQUARIE SUPERANNUATION, CATHOLIC SUPER

Moody’s trims bank ratings on rising debt

Original article by Michael Roddan
The Australian – Page: 21 : 20-Jun-17

Moody’s has lowered its credit ratings for Australia’s four major banks, along with eight other smaller banks. Among the smaller banks to have their ratings downgraded are Bendigo & Adelaide Bank, ME Bank, Heritage Bank and Credit Union Australia. Francesco Mirenzi of Moody’s said the downgrades were prompted by concerns over high household debt and the possibility of a correction in the housing market.

CORPORATES
MOODY’S INVESTORS SERVICE INCORPORATED, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, MEMBERS EQUITY BANK PTY LTD, HERITAGE BANK LIMITED – ASX HBS, CREDIT UNION AUSTRALIA LIMITED, STANDARD AND POOR’S (AUSTRALIA) PTY LTD, BANK OF QUEENSLAND LIMITED – ASX BOQ, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NEWCASTLE PERMANENT BUILDING SOCIETY LIMITED, TEACHERS MUTUAL BANK LIMITED, QT MUTUAL, TEACHERS MUTUAL VICTORIA

Deposits levy to hurt big credit unions’ profit

Original article by Shaun Drummond
The Australian Financial Review – Page: 19 : 15-May-15

The Customer Owned Banking Association believes that the proposed deposits levy will reduce the annual profits of many small credit unions by around seven per cent. CUA estimates that its earnings will be cut by about six per cent, while People’s Choice Credit Union anticipates that its profit will be reduced by 5-7 per cent. The Australian Government will issue its response to the financial system inquiry before deciding whether to proceed with the levy.

CORPORATES
CUSTOMER OWNED BANKING ASSOCIATION, CREDIT UNION AUSTRALIA LIMITED, PEOPLE’S CHOICE CREDIT UNION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Roy Morgan announces 2014 winners of Banking and Finance Satisfaction Awards

Original article by Roy Morgan Research
Market Research Update – Page: Online : 19-Feb-15

Roy Morgan Research announced the winners of its 2014 Customer Satisfaction Awards for the banking and finance industry on 18 February 2015. P&N Bank was named the Bank of the Year, while the Commonwealth Bank won the award for Major Bank of the Year. Bendigo Bank was named the Business Bank of the Year, Defence Service Homes Insurance took out the award for General Insurer of the Year and ESSSuper received the award for Industry Superannuation Fund of the Year

CORPORATES
ROY MORGAN RESEARCH LIMITED, P&N BANK, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BENDIGO BANK, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, DEFENCE SERVICE HOMES INSURANCE SCHEME, ESSSUPER, GREATER BUILDING SOCIETY LIMITED, PEOPLE’S CHOICE CREDIT UNION, CBHS FRIENDLY SOCIETY LIMITED, INSURANCELINE HOLDINGS PTY LTD, NRMA LIMITED, REST SUPER PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, PLUM FINANCIAL SERVICES LIMITED