The big four lenders have all been criticised for their out-of-cycle rate moves, but which bank has taken the brunt of the anger – with its customer satisfaction level dropping more than twice that of its rivals?
ANZ has seen its customer satisfaction fall by 3.1% for the three months to May, more than double that of the other major banks. The bank has taken the heat from borrowers for initiating February's out-of-cycle rate hikes as first mover following the RBA meeting.
Home loan customers have been particularly tough on ANZ, with satisfaction among its mortgage holders down 5.6% over the last three months. By comparison, Westpac saw its mortgage customer satisfaction decline 3.3%, CBA was down 1% and NAB actually increased home loan satisfaction by 0.4%.
The decline has seen Commonwealth Bank move to second among the big four in terms of satisfaction, at 77.2%. NAB remained the leader in customer satisfaction at 77.7%, while ANZ fell to third place at 75.5%. Westpac remained last among the big four at 75%.
The major banks have now seen their third consecutive month of satisfaction declines. Satisfaction with the big four on a whole fell 0.4% in April, following a 0.4% decline in March and a 0.5% drop in February.
But the major banks remain ahead of where they were last year. NAB is up 5.8% in satisfaction over the last 12 months, while CBA has seen a 5.7% increase, Westpac has risen 1.1% and ANZ has managed a 0.3% improvement.
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