poll ranking Australian banks in terms of customer satisfaction by
local market research group Roy Morgan Research (RMR), National
Australia Bank (NAB), the country’s second largest bank by assets,
has displaced Commonwealth Bank of Australia (CBA), the country’s
largest, as the least popular retail bank in the country. According
to RMR, it is the first time since 2004 that Commonwealth Bank has
not been the least popular bank among its customers.
To make matters worse for NAB, it is the only one of Australia’s
Big Four not to improve its customer satisfaction ratings in the
survey, with Westpac, ANZ and CBA all posting improved performances
as did Westpac’s proposed A$15 billion merger partner St George
(see RBI 592).
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In all, the survey covered ten Australian banks as well as
credit unions and the building societies sector which both,
significantly, continued to outscore the commercial banks, posting
87.9 percent and 84.9 percent respectively.
The low rating for 2007 from NAB comes a month after the bank
published a new and formal ‘Customer Promise’, clarifying and
consolidating in a single document the bank’s commitments to its
retail customers (see RBI
591).
While Bendigo remains top in the 2007-2008 survey, with
customers who were satisfied with their banking relationship
standing at 87.3 percent, it suffered the biggest fall (down 3.6
percent) in a year in which it merged with Adelaide Bank. Customer
satisfaction levels also dropped at Adelaide Bank, down 3.4
percent.
HBOS-owned BankWest showed the biggest gain, and comes at a time
when the bank is undergoing a huge market push under its branch-
and product-led Happy Banking programme (see RBI 588).
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