In the Press
09 August 2010
Banking Index Shows Strong Preferences for Regional, Online Banks
August 9, 2010 | By Anthill Magazine
Banking Index Shows Strong Preferences for Regional, Online Banks
With an appropriate nod toward the consumer looking for the best deal, an Australian advisory services firm has released a new consumer resource for comparing and contrasting banking services.
Banking4u, introduced on Tuesday, 3 August, is “a new set of indices that independently assess customer service in the banking sector … based on the opinions of more than 20,000 Australians,” according to the developer, Retail Finance Intelligence (RFI). The results show the big four banks being outperformed by regional and online banks. The rankings reflect customer opinion in the areas of current accounts, credit cards, savings accounts, loans and mortgages.
Overall, Bendigo and Adelaide Bank showed the strongest performance in the rankings, while Bankwest and Suncorp also consistently fared well. Among the bigger institutions, only NAB and ANZ came out near the top. Alan Shields, Research Director for RFI, explained in a media release that the index arose from “a need for one, consistent set of standards to be applied across all institutions and products,” as each bank tends to apply its own definitions.
“The metrics we have introduced look at every major aspect of the consumer banking experience, from the satisfaction a customer feels in their bank to the likelihood that they would recommend it to a friend,” said Shields.
He said he expected Banking4u will serve a double benefit for both parties – “to help customers accurately assess the products which offer the best service; and to assist banking institutions in improving their offerings."