Abacus Australian Mutuals 03 October 2012
The finance comparison site took votes from 25-thousand Australians and found “mutuals continue to outshine” on customer satisfaction and loyalty.
According to Mozo, customer satisfaction for mutual banking providers hit a record high of 8.37 out of ten, a full point clear of the nearest big bank rival.
Victoria Teachers Mutual Bank took out the major award of “Best Bank”, Community CPS is the 2012 Best Credit Union and Hume Building Society was awarded Best Building Society.
Victoria Teachers Mutual Bank was recognised as “Most Trusted”, “Most Recommended” and providing the “Best Bank Customer Service”.
In the category awards, Greater Building Society took out the Best Savings Account honour.
Abacus also pointed to research from Mozo which indicates there is still a consumer appetite to switch financial institutions.
The People's Choice Awards examined customer sentiment and found around one in five plan to switch banking products.
The findings reflect independent research commissioned by Abacus earlier this year, which noted a similar appetite for switching.
In May, Roy Morgan Research found one in five Australians was likely to change financial institutions in the next year, rising to almost 50% of people if the paperwork and administrative effort was substantially reduced.
The research was conducted before Federal Government “tick and flick" account switching reforms began in July, allowing Australians to change financial institution more easily than ever before.
The complete Mozo People’s Choice Awards list is at https://mozo.com.au/peopleschoice
For more information on customer owned banking, visit www.abacus.org.au
For more information, please contact:
Daniel McDougall, Senior Adviser – Media