The approval ratings of Australia’s big banks have hit an all-time high thanks to low interest rates, new figures show.
According to Roy Morgan Research, the satisfaction level of personal customers reached a record 81.8 per cent in March.
That was an increase on the February result of 81.6 per cent, previously the best result recorded since the survey began 18 years ago.
The Commonwealth Bank was the big improver over the past year, with its satisfaction rating increasing by 1.9 points to 82.3 per cent.
NAB rose 1.2 points to 80.5 per cent; Westpac rose 1.3 points to 78.4 per cent; and ANZ rose 0.3 points to 77.6 per cent.
Those improved ratings were largely driven by home loan customers feeling happier about reduced interest rates, according to Roy Morgan’s director of business research, Nigel Smith.
“This desire to delight customers is particularly evident among highly valuable mortgage customers, where the banks spare no effort to please their customers,” he said.
“However, this intense competition for consumers, particularly mortgage customers, among the big banks has not been reflected in the business financial services market, where satisfaction levels appear stagnant.
“ANZ’s recent attempts to be more competitive in this area have shown clear dividends in satisfaction terms, and over time should also result in improving market share.”