2017 Roy Morgan Customer Satisfaction Awards Banking and Finance winners revealed
Australia’s most satisfying banks, insurers and superannuation funds were announced this week at the 2017 Roy Morgan Customer Satisfaction Awards.
Great, greater, greatest: its second year featured as a Bank instead of a Building Society, Greater Bank has won the award for the second year in a row. This is a very competitive category, with Teachers Mutual Bank, Victoria Teachers Mutual Bank and P&N Bank all also showing up atop the leaderboard in 2017.
Roy Morgan CEO Michele Levine presents the award for Bank of the Year to Greater Bank CEO Scott Morgan and Chairman of Greater Bank Wayne Russell, presented on the rooftop at Tonic House.
Customer Satisfaction scores for the Big Four remained relatively steady over 2017. For the fifth year running, the Commonwealth Bank has claimed the annual award, driven in particular by strength in mobile and internet banking satisfaction.
Building Societies and Credit Unions
The people have chosen: People’s Choice Credit Union. Credit Unions and Building Societies are one of the highest-scoring categories in the Customer Satisfaction Awards, regularly satisfying in excess of 90% of their customers with their member- and community-focused approach.
With the rise of online comparison websites making it so easy for consumers to shop around between insurers, switching is a constant threat – or opportunity – making it crucial for insurance companies to keep their customers happy…or risk the consequences. But one insurer in particular consistently satisfies well over 90% of its customers, and for the third year in a row enjoyed a clean sweep of 12 of 12 monthly titles to claim the 2017 annual award: RACT.
CEO Trent Sayers and the RACT team celebrating their third consecutive win for General Insurer of the Year on the rooftop at Tonic House.
Risk and Life Insurer
This is a heavily contested category with three companies taking their turn in top spot during 2017; Allianz, Insuranceline and Real Insurance all vying for the top position. Each had a moment in the spotlight in 2017, but Real Insurance out-performed its rivals to earn its award.
Private Health Insurer
Not-for-profit health fund St.LukesHealth
has won again in 2017. Price remains the primary reason that satisfaction levels slip and customers decide it’s time to shop around for an alternative private health insurer. For-profit companies need to consider what other things they can offer to satisfy more of their customers.
Retail Superannuation Fund
Following up on last years success, Macquarie stood out in 2017 with satisfaction scores well above the category average for their second consecutive win, with a total of 9 monthly wins in 2017.
Industry Superannuation Fund
Since we launched our annual Customer Satisfaction Awards in 2011, two Industry Super Funds – ESSSuper and Catholic Super – have dominated their category both winning the title three times.
After spending four months in the top spot, on par with Catholic Super, it all came down to percentages of satisfaction in a very competitive 2017. Tasplan
have won the Roy Morgan Industry Superannuation Fund of the Year, and congratulations to them on their first win!
Roy Morgan CEO Michele Levine presents Tasplan’s first award for Industry Super Fund of the Year to Tasplan CEO Wayne Davy and the team, presented on the rooftop at Tonic House.
Michele Levine, CEO, Roy Morgan, says:
|Bank of the Year
|Major Bank of the Year
|Building Society/Credit Union of the Year
|People’s Choice Credit Union
|General Insurer of the Year
|Risk and Life Insurer of the Year
|Private Health Insurer of the Year
|Retail Superannuation Fund of the Year
|Industry Super Fund of the Year
“Roy Morgan Research congratulates all the winners of the Banking and Finance Customer Satisfaction Awards for 2017. It was great to see a mix of first-time winners, follow-up winners, and comebacks.”
“Consumer banking satisfaction remains near historically high levels—and this can often be tied to the satisfaction derived from ‘frictionless’ service. Satisfaction among customers who use mobile banking is consistently much higher than satisfaction among those who use branch banking – and has already been superseded internet banking among Australians aged under 35, suggesting there’s a lot more take-up to (and increasing satisfaction) to go.”
“Along with tap-and-go payments, and the New Payments Platform that will deliver instant bank transactions, it will be interesting to see where customer satisfaction goes from here.”
“While banks have led the way, the same principles will apply to insurers and superannuation funds, as consumers increasingly desire the most hassle-free and flexible experience possible.”
“However when it comes our money, whether it’s a $2 charge or checking on a million-dollar investment portfolio, we all still want to be able to get premium customer service over the phone and in-person whenever we need it. Brands across all banking and finance industries will need to continue to monitor the attitudes and behaviours of their own and their competitors’ customers.”
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