Bank customer satisfaction has improved for the first time since the start of Finance Royal Commission in January last year, according to a new Roy Morgan report.

The satisfaction level improved marginally from 78% in October 2018 to 78.1% in November 2018, the Roy Morgan’s ‘Customer Satisfaction-Consumer Banking in Australia November Report’ found.

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The increase comes at the time when the Australian banks are struggling to restore consumer trust, which plummeted due to a series of misconducts.

Bank satisfaction report: Details

The report is based on the findings from the interviews conducted with over 50,000 customers. It aims to understand the long term trends of the industry.

However, the current satisfaction level is 3.1% points less than what it was in January last year.

It also added that the level is still significantly above the long term average of 74.3%. The data is being calculated since 2001.

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Among the ten largest banks, ING and Bendigo Bank were found to be the best performers with 88.8% and 88.5% satisfaction levels.

CBA held the top position among the big four banks of Australia with 76.7%, followed by the NAB (74.6%), ANZ (74.3%) and Westpac (72.4%).

Westpac also witnessed the highest decline in bank satisfaction with a fall of 5.5% points.

Roy Morgan industry communications director Norman Morris said: “Given the large volume of negative publicity generated by the Finance Royal Commission and other issues, it is not surprising that satisfaction with banks has declined this year.

“It is important to note, however, that contrary to all the negative reporting on banks, the clear majority of their customers are satisfied with them and that less than 6% claim to be dissatisfied.”