New Roy Morgan banking data has revealed ME Bank has the leading satisfaction rating (91.4%) among home loan customers. ING remained in top position among non-home loan customers with a rating of 89.8%.
The ratings are taken from the Roy Morgan Single Source survey, compiled by in-depth face-to-face interviews with around 50,000 Australians each year in their homes.
Roy Morgan CEO Michele Levine says it’s clear that smaller financial lenders have surpassed traditional bricks-and-mortar institutions as the leaders in customer satisfaction.
“Not that long ago it would have been difficult to believe that online lending institutions would be able to compete with, let alone beat, traditional lenders – which had branches situated all over the country – but that is exactly what’s happened. “
“There are several important factors in this change. First, as people’s lives continue to shift online there is growing acceptance of not being able to visit a bricks-and-mortar branch, and therefore decreasing dissatisfaction associated with that. Second, the lower overheads associated with an online business allow such institutions to offer additional services and attractive interest rates. A third key factor is the closure of branches by the major banks. APRA reports that the major banks closed 500 branches in 2018/19 alone. “
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