Customers becoming more disatisfied with Australian banks

Australian banks are slipping in global rankings when it comes to satisfied customers.

Once number three in the world, Australia has now been relegated to spot six in the world with local customers becoming more disappointed with their banking experiences.

The annual World Retail Banking Report 2015 revealed that while Australia slipped three notches, Canada retained pole position three years running.

Just 51.3 per cent of Australians felt satisfied with their bank’s customer services, which in turn is a poor reflection on the Big Four banks.

ANZ, Commonwealth Bank, Westpac and NAB control more that 82 per cent of the $1.2 trillion home loan market in Australia and 53 per cent of life insurance premiums.

The study, conducted by Capgemini’s CEI, found that overall customer experience around the world dropped slightly by 0.2 per cent. However, several countries also saw an improvement on that metric.

Customer satisfaction at banks in Spain and Russia improved the most, increasing by 4.8 points. Turkey, Mexico and Czech Republic also saw an enhancement in their customer experiences.

CEI’s stagnation reflects the influence of a wave of more agile competition, combined with banking touch points that continue to lag customers’ heightened expectations.

The report found that across every region, it is Gen Y customers who reported the most disappointing customer experiences.

According to the report, this dissatisfaction reflects the expectation Gen Ys have of functioning technology in their everyday lives.

“Gen Y, born between 1980 and 2000, have never experienced an adult world without the aid of digital connections,” the report stated.

“Accustomed to instant access and seamless transactions in most aspects of their social and professional lives, Gen Y brings very high expectations to their banking interactions.”