Trending News 29 May 2019

Which bank has the most satisfied customers?

Customer satisfaction with the big four banks declined sharply during and following the 11-month Hayne Royal Commission into the financial sector but now seems to be recovering.

Commonwealth Bank has the highest customer satisfaction rating of the big four banks with 78.1 per cent of customers reporting that they are satisfied with the CBA according to Roy Morgan Research. Westpac recorded a score of 74.7 per cent, ANZ at 74.4 per cent and NAB got 72.7 per cent.

However, the big four banks still face a major challenge said Norman Morris, industry communications director at Roy Morgan, because smaller competitors are scoring much higher customer satisfaction scores.

Bendigo Bank has the highest customer satisfaction levels, at 90.1 per cent, closely followed by ING with 89.9 per cent.

What makes Aussies switch banks?

Eighteen per cent of big four bank customers are considering switching to a new institution in the next 12 months. Just 5 per cent of mutual bank and credit union customers say they are looking to change banks in the next years according to new research from consulting firm JD Power. Australians are looking for a bank they think is “authentic” which means “truthful, relevant, honest and trustworthy” according to the research.

“Banks need to start demonstrating authenticity in their relationships with customers by acting with integrity,” said researcher Bronwyn Gill from JD Power who added that banks can no longer rely on their history and reputation to retain and attract customers.

What is happening with the Commbank app?

The 6.7 million Commbank app users will design the look and feel of the new upgraded Commbank app. Commonwealth Bank is currently trialling a new personalised CommBank app upgrade said CBA chief executive Matt Comyn.

Users will determine which items appear on the screen said Mr Comyn and that could be your spending, credit card information, accounts, payments and more.

A new feature in the Commbank app will alert pensioners and other users if they may be eligible for additional Centrelink benefits. The Commbank app supports five millions log-ins per day.

Commonwealth Bank wants your trust

Commonwealth Bank’s new chief executive, Matt Comyn, has pledged to ‘embrace a new mindset’ and ‘put customers first.’

Australia’s biggest bank, the Commonwealth Bank, has suffered reputational damage from criticism aired at the Hayne Royal Commission, an AUSTRAC investigation into money laundering using CBA ATMs and regulator investigations into the culture and governance of the bank.

Commonwealth Bank is selling its financial advice, funds management and mortgage broking arm to simplify its business and improve trust.

The bank is “embracing a new mindset” said Mr Comyn, “We are listening and hearing, owning mistakes and fixing them faster.”