Customer satisfaction among Australia's major banks averaged 74.9%
Bendigo Bank has achieved the highest customer satisfaction among Australia’s home loan providers with a satisfaction rating of 87.7% in March, according to latest data from Roy Morgan’s Single Source.
Following Bendigo Bank in the rankings, Bankwest secured the second spot with a 86.6% satisfaction rate among its home loan customers. This comes as the bank’s owner, Commonwealth Bank, plans to transition all 60 Bankwest branches in Western Australia to digital formats by year-end.
Other top performers included ING and Macquarie, with customer satisfaction ratings of 84.6% and 79.9%, respectively. St. George Bank saw a modest increase in customer satisfaction, rising by 0.8 percentage points to 78.5% over the past year. Suncorp Bank, following its recent merger approval with ANZ, marked the largest annual increase, improving by 5.6 percentage points to 77.6%.
Overall, customer satisfaction among Australia’s major banks averaged 74.9% for the six months to March 2024, showing a slight decline from the previous year’s 76%. Among the big four banks, the Commonwealth Bank led with a satisfaction rate of 76.1%.
Roy Morgan chief executive Michele Levine (pictured) said the past two years have been challenging for the banking sector, with the Reserve Bank of Australia (RBA) implementing a historic rate hike cycle.
“Over the last two years, not only have interest rates been increasing, but nearly 1.5 million mortgagors on fixed rate mortgages had their loans mature and reset to far higher rates – a huge slice of the Australian mortgage market,” Levine said.
“During 2024, another 450,000-plus mortgagors on fixed rate mortgages are set to reset to far higher interest rates. These factors mean there is still more tightening built into the market – even without further increases from the RBA.
“Looking at the banks, it is Bendigo Bank which has excelled during the last year with the highest home loan customer satisfaction at 87.7%, just ahead of Bankwest which is set to go all digital by the end of the year.”
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