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Aussie banks dropping down global rankings

Aussie banks are steadily falling down global customer satisfaction rankings Aussie banks are steadily falling down global customer satisfaction rankings
Australian banks' customer satisfaction rankings are slipping compared to other banks around the world, but they remain the only banks from the Asia-Pacific in the top 10 globally.

The annual World Retail Banking Report 2015, which will be released on Thursday, said the overall customer rating for local banks had fallen for the second year in a row, to 6th from 3rd. Australian banks now rank just below the US, while Canadian banks took out the highest rankings this year.

The report by consultants Capgemini and bank industry group Efma found 51.3 per cent of Australian customers had a positive experience with their bank. But it cited the rise of fintech challengers to banks globally also having an impact on customer satisfaction with incumbents here.

"Globally customers' propensity to leave their primary bank, especially Gen Y, is on the rise, while willingness to make referrals or buy additional products has decreased significantly," the report said.

"The percentage of customers who said they were likely to leave their primary bank in the next six months rose into double-digits in every region except Western Europe."

Banks in the Asia-Pacific had also not seen any decline in the use of branches, despite efforts to steer them towards lower cost digital banking.

Despite this, the report said 83 per cent of bank executives who were polled said customers are now comfortable using numerous challengers to the banks.

"All of these factors provide non-banks with the opportunity to attract customers away from their primary banks. Internet and technology firms, in particular, with their simple, agile, and intuitive offerings and freedom from legacy systems, are at the top of the list of competitors," it said.

Since 2013, banks in Australia, the US, Canada, the UK, India and Saudi Arabia all suffered declines in the percentage of customers that said they had a positive experience with them. Many of those that saw big rises in satisfaction were mainland European banks which had been hit hardest by the financial crisis.

Russian banks' standing jumped 25 percentage points, Spain's 18.9 percentage points, Italy's 11.4 percentage points and The Netherlands 17 percentage points.

Author: Shaun Drummond
Source: The Age

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