NAB leads on mortgage customer satisfaction

The National Australia Bank is the most improved among the big four, according to Roy Morgan’s latest monthly measurement of banking customer satisfaction in the mortgage sector. 

The NAB showed the biggest improvement in satisfaction in January among its four major peers (up 0.9 percentage points to 80.3 per cent), hovering diligently behind the Commonwealth Bank of Australia, which is now a mere 1.6 per cent points out in front.

NAB’s improvement came largely from incremental gains made in mortgage customer satisfaction over the month (up 3.2 percentage points).

The overall satisfaction level of the big four banks’ personal customers in the six months to January 2017 was 80.1 per cent, up the barest of touches ahead of December’s 79.9 per cent, the Roy Morgan data, released on Thursday shows.

This increase was due to an improvement in satisfaction among their mortgage customers of 1.4 percentage points (to 77.4 per cent), while satisfaction among non-mortgage customers remained unchanged (80.7 per cent).

The mutual banks’ average for the same period sits at 90.2 per cent.

The feeling is mutual

While January showed signs of life somewhere within the big four’s mortgage customers for January, on the whole they remain way below the satisfaction levels of the smaller banks’ mortgage customers, according to the research.

ING Direct had the highest proportion of satisfied mortgage customers (of the 10 largest banks) with 96.3 per cent, followed by Bendigo Adelaide Bank on 93.2 per cent. These two lenders enjoy a comfortable lead, with the next best being Bankwest (85.9 per cent) and Bank of Queensland (82.5 per cent).

According to Norman Morris, industry communications director of Roy Morgan Research, one of the most significant drivers of satisfaction relates to interest rates, fees and charges

“This was the major reason for Bendigo’s strong performance,” Morris said. “Other key drivers are being ‘reliable and secure’ and ‘product offering’.”

The CBA had the highest mortgage customer satisfaction of the big four Aussie banks with 79.7 per cent and Westpac the lowest (75.4 per cent).

All four of the big banks, fresh from a parliamentary inquiry in Canberra, displayed some improved satisfaction among their home-loan customers for January, however ANZ was home-alone as the only improver over the same time last year.  

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