Roy Morgan’s Consumer Banking June 2022 Australia report shows the mutual sector continues to out-perform major banks in terms of customer satisfaction, something the Customer Owned Banking Association (COBA) says is a key point of difference for the entire sector.
In the report, building societies (94%) and credit unions (90.9%) saw an increase of customer satisfaction by those who used them as their main financial institution over the past six months, while the major banks (77.4%) saw growing dissatisfaction with their services. The mutual sector overall held 91.6 per cent in customer satisfaction as of June 2022.
The customer-owned banks with the most satisfied main financial institution customers include Teachers Mutual Bank (98%), Heritage Bank (94.8%), Beyond Bank Australia (92.9%), and Greater Bank (91.4%).
COBA’s Chief Executive Officer, Mike Lawrence, said the satisfaction of mutual banking customers comes down to community commitment, competitive rates, and personalised service.
“Enshrined within the DNA of customer-owned banks is the commitment to give back to the communities they serve, putting people before profits and having customers at their core,” he said.
“These results show that customer-owned banks are well ahead of the pack when it comes to customer satisfaction. They deliver leading products, competitive rates, and services with a personal touch – this is why the significant majority of more than five million Australians who bank with a member-owned institution are beyond happy with their choice.
“The customer-owned model is also unique because our members are part of the fabric of local communities across the country, many rural and regional based, and they continue to support these communities through grants to local charities, sporting clubs, and community organisations.”
COBA members also took out top spots in recent finance and banking awards, reinforcing the sector as a smart alternative for Australians looking for options outside the major banks – Bank First was named Bank of the Year in the most recent Roy Morgan Annual Customer Satisfaction Awards and Canstar’s 2022 Awards named IMB as the most customer-satisfied bank.
This builds on strong independent recognition of customer-owned banking excellence with Forbes recently naming COBA members as the top four banks in Australia. Its list of World Best Banks featured Beyond Bank leading the pack, followed by Heritage Bank, Greater Bank, and Newcastle Permanent Building Society.
“The past six months has seen some big changes in the banking sector, and to see our COBA members so strongly serve their member base demonstrates the value these institutions have beyond dollar figures and rates.”
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