CBA still in the doghouse over November rate increase
Commonwealth Bank continues its fall from grace with customers – the latest Roy Morgan consumer banking customer satisfaction report, released yesterday, shows an 80 basis point fall in its rating in March.
Since deciding to increase home loan rates by 20 basis points more than the increase in official cash rates back in November, Commonwealth’s customer satisfaction ranking among the big banks has dropped from second to fourth.
Commonwealth recorded a 71.7 per cent satisfaction rating in March, compared with 75.3 per cent last October.
Any doubt that CBA’s poor rating is related to its mortgage rate decision has been dispelled by the latest report.
Roy Morgan says the satisfaction rating of CBA home loan customers has fallen 9.2 percentage points since October, while the rating of non-home loan customers has dropped 2.6 percentage points over the same period.
Among the other big banks, ANZ holds the number one position, with a 74.4 per cent rating; Westpac has a 73.8 per cent rating, and NAB 72.2 per cent.
ANZ has also suffered a fall from favour. Its rating fell 70 basis points in March and has fallen 2.6 percentage points since September. There is no obvious reason for the change in sentiment.
ANZ has enjoyed the top rating among its peers in the Roy Morgan survey since 2004. But, if the present trend continues, it will surrender that position to Westpac sometime this year.
Source: Banking Day