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Banking approvals grow despite turbulent year

Banking approvals grow despite turbulent year

by Cameron Micallef | October 09, 2019 | 1 minute read

The big four banks are continuing to fall behind smaller authorised deposit-taking institutions, according to the latest customer satisfaction ratings.

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October 09, 2019

Roy Morgan’s Single Source survey has showed that ING has the highest banking approval rating, with the research house’s CEO, Michele Levine, considering the smaller bank as leading the way for both home loans and standard banking customers.

“ING is the only financial institution with a satisfaction rating higher than 90 percent and enjoys a strong lead over second-placed Bendigo Bank,” she stated.

Home loan customers have given ING a satisfaction rating of 90.9 per cent, followed by Bendigo Bank on 86.9 per cent.

The top 10 was comprised of Bankwest (81.6 per cent), BankSA (80.2 per cent), ME Bank (78.4 per cent), St.George (77.3 per cent), Suncorp (76.1 per cent), CBA (75 per cent), NAB (70.8 per cent), Westpac (69.3 per cent) and ANZ (66.6 per cent).

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The satisfaction of non-home loan customers told a similar story, with ING once again leading the way with a rating of 92 per cent.

This was followed by Bendigo Bank on 88.3 per cent, then Suncorp (85.8 per cent), ME Bank (84.1 per cent), BankSA (82.4 per cent), St.George (80.9 per cent), CBA (79.4 per cent), Bankwest (77.2 per cent), Westpac (76.7 per cent), ANZ (76.1 per cent) and NAB (75.9 per cent).

“It’s no secret that 2019 has been a turbulent year for the Australian banking industry, with the banking royal commission report, record-low cash rates, a federal election, and APRA’s relaxing of consumer lending requirements,” Ms Levine noted.

“Perhaps surprisingly, despite this, customer satisfaction ratings of our banks have remained relatively stable,” she added.

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