Credit union & building society customers happiest, says new survey
23 October 2009
While concerns about big bank dominance in the market continue, Australia’s thriving mutual banking sector has again recorded market-leading levels of customer satisfaction.
Credit unions and building societies have again topped the market in satisfaction results published today by Roy Morgan Research, with credit unions at 86% and building societies scoring 87.9%[1]. According to the September survey, the four major banks scored 71.7%.
Earlier this month consumer group CHOICE reported that credit unions and building societies are delivering the highest levels of customer satisfaction, with a rating of 83% overall compared to their nearest big bank rival at 66% [2].
These new results are hot on the heels of research by Core Data in Oct 12’s Daily Telegraph that argued consumers missed out on $3.6 billion in the past year by not moving to higher earning online savings accounts with credit unions and building societies, and smaller banks [3].
“The evidence stacks up, you get a better deal with a credit unions or mutual building society,” said Louise Petschler, CEO of the mutual industry body Abacus.
“Millions of Australians already benefit from the service, rates and member-focus offered by credit unions and building societies.”
“As mutuals, are profits go back to members – not to external shareholders – and while we meet the same high prudential standards as banks, we do it while putting members first.”
“With many people worried about the dominance of big banks, it’s a great time to make the switch to a member-owned and member-focused credit union or building society.”
To find a credit union or mutual building society near you, go to www.abacus.org.au and click on the links.
For more information, please contact:
Pamela Eldridge
Senior Adviser – Media
02 8299 9024, 0423 843 790
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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[1] According to the Roy Morgan Research Customer satisfaction survey, September 09. Very or Fairly satisfied Australians 14+ who have a deposit/ transaction relationship with that institution; six month rolling average. For more information or to obtain the survey, please contact Roy Morgan Research at www.roymorganonlinestore.com or call Norman Morris, Industry Communications Director on (03) 9224 5172.
[2] CHOICE media release, “BIG FOUR” CUSTOMERS CAN’T GET NO SATISFACTION, go to www.choice.com.au for more information.
[3] “Missing out on millions” by Nick Tabakoff, Daily Telegraph 12 October 2009
