A market research survey of 50,000 Australians conduced by the premier market research company in Australia, Roy Morgane, has revealed some interesting findings regarding customer satisfaction and how non-bank lenders are shaping the way and taking the lead.
The data shows that customers are significantly happier with the mortgage experience provided through non-major banks as compared to that of the big four.
2 lists were released, one listing the ten instituions with the highest level of satisfaction amongst its mortgage holders, and the other listing the ten institutions with the highest level of satisfaction across its non-home loan customers. The majors didn’t make it in the top 5 other either list.
The satisfaction rating among home loan customers are as follows:
ME Bank 91.4%
ING 89.3%
Bendigo Bank 83.3%
Bankwest 77.1%
St George 75.8%
CBA 73.3%
Suncorp 72.6%
ANZ 72.1%
Westpac 70.4%
NAB 70.3%
For non-home loan customers, the order varied slightly, with ING sitting atop the list followed by Bendigo, ME, Suncorp, Bankwest, CBA, St George, ANZ, NAB, and then Westpac.
According to Roy Morgan CEO Michele Levine, “it’s clear” smaller lenders have surpassed traditional 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,” she said.
“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.”
Levine makes a good point with that last quote, one of the major benefits of the traditional banks is being able to walk into their building and talk to someone face to face. However, as the non-bank lenders capture market and take the lead in regard to customer satisfaction we are seeing more banks close more branches.
When choosing a home loan lender, it’s important to consider and understand all of your needs, both financial needs and lifestyle needs. We at Finance Mutual Australia understand our clients needs and life goals and help you choose the perfect home loan terms and negotiate those terms with all lenders to ensure the highest possible level of client satisfaction.
If you are in need of a home loan contact us today
