Your relationship with your bank can last for years if you feel you’re getting good service, or you can easily switch to a competitor if you don’t feel satisfied. Canstar therefore asked thousands of people a number of questions to see how satisfied they were with their bank, with our results revealed in the 2022 Most Satisfied Customers Banking Awards.
“We wanted to know what everyday Australians thought about things like customer service, communicating with their bank, getting value for their money, fees and charges and interest rates,” Joshua explained. Sale, Canstar’s ratings manager.
“We also asked people about their bank’s ability to meet their banking needs and their overall satisfaction. Since some people may have accounts at several different banks, we filtered their results only on the institution to which their salary was paid.
Canstar looked at how this all varied across a range of banking services, from big banks to customer-owned banks and digital-only banking.
“We also looked at what people thought about some of the different banking services they used, from home loans to credit cards and rewards programs that might be on offer,” Sale said.
More than 9,000 Australians took part in the research carried out between February and June this year, with survey figures limited to those who use a particular bank or service. These numbers, listed below for each prize, have now been calculated to reveal the winners.
In one look
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|big bank||4,884||National Bank of Australia (NAB)|
|Digital bank||7,506||Bank up|
|Home lender – major bank||1,257||Commonwealth Bank|
|Credit card||4,936||Bank Australia|
|Low rate credit card||2,375||Bendigo Bank|
|Rewards credit card||2020||American Express|
|Loyalty program||4,092||Frequent Flyer Velocity|
What did customers like about the winners?
IMB Bank eliminated both the global bank and customer-owned bank categories in Canstar’s 2022 Most Satisfied Customers awards. There were 43 banks in total and 17 customer-owned banks considered in the framework of the investigation.
IMB, established in 1880, has retail branches in the Illawarra, Newcastle-Hunter, Sydney and South Coast regions of New South Wales, as well as in the Australian Capital Territory and in Melbourne.
“IMB was the highest-rated bank for value for money, customer service and ability to meet customer banking needs, and beat the average score on each of the assessed variables,” Sale said.
Meanwhile, National Bank of Australia (NAB) was the winner considering only the big four banks. As with IMB, NAB’s ability to meet customers’ banking needs and customer service have set it apart from its big four rivals in customer satisfaction.
Digital banking has become more and more popular in recent years and each provider wants to improve their online service compared to others. Winner Bank upClients are particularly satisfied with its budgeting and communication tools.
With a lot of competition in the home loan market, ING came out on top in overall satisfaction. Value for money was found to be the most important factor in this category, followed by customer service.
“In this category, customers tend to be the most satisfied with value for money and customer service, and seem to remain the least satisfied with interest rates and fees and charges,” Sale explained.
Of the consumers evaluated for the award, the most satisfied were from Tasmania and South Australia and were over 70 years old.
Narrowing down the home loan market to just the big banks and that was Commonwealth Bank with the most satisfied customers. In a tight race, CommBank’s customer service, loan flexibility and communication helped it edge ahead of its competitors.
Bank Australia won the credit card customer satisfaction award, with value being the most important factor in the results, followed again by customer service. Bank Australia customers were also satisfied with its privacy and security features and communication.
Narrow the field down to just low rate credit cards and the winner was Bendigo Bank whose customers have praised its value for money, customer service and digital banking, among other factors.
Some credit cards come with a rewards program and the category winner was American Express. Amex’s communication and customer service helped it stand out from its competition for this award.
If you are looking for loyalty points, the Frequent Flyer Velocity program retained its 2021 position as the winner in this category. The rewards program itself was the most important factor for customers here, while access to any special airport lounges was the least important factor.
Main image source: fizkes/Shutterstock.com.
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