In January 2010, customer satisfaction was 74.5% - the highest level reached since 1996 when the survey started.  It was 1.1% higher than for January 2009 (73.4%). 

Bank customer satisfaction data has shown a clear upward trend since late 2001.  For most of 2001, banks’ customer satisfaction levels dipped just below 60%.

David Bell, Chief Executive of the ABA, said: “I think these good results demonstrate that banks are responding to what their customers need and want. Even since the credit crunch which started in August 2007, consumers continue to have a choice of around 130 housing loan providers , and the prices they pay.”

“There’s also lot of competition for deposits as banks try to secure more of their funding from customer deposits versus securing funding from the wholesale markets.”

“When it comes to our personal finances, banks provide us with a lot of choice in the way we conduct our banking whether it is through low fee accounts; 24/7 access to accounts through the Internet and ATMs; paying bills via the Internet and telephone; or face-to-face service in a branch.”

“Despite customer satisfaction reaching record levels, I know banks will continue to strive to improve their products and services and aim for an even better result in the next survey.”

The ABA has a booklet ‘Smarter Banking: Make the Most of Your Money’ which provides customers practical tips on choosing accounts, how to use the account efficiently, how to minimise fees and how to complete electronic banking. It can be found on our website: www.bankers.asn.au under the Financial Literacy section, under booklets.