JD Power’s inaugural study on customer satisfaction reveals that small banks in Australia perform equally as well as, and in some cases better than, the country’s major banks in areas of greatest importance to customers, such as service quality and consistency. Smaller banks also had fewer customer-reported problems than their larger competitors.
The study ranked the following criteria to determine overall satisfaction on a 1000 point scale: account information, account activities, product offerings, fees, facilities, and problem resolution.
For customers facing difficulties understanding account fees, smaller banks had a 5 per cent advantage on major banks, as these usually provide higher transparency and consistent service. JD Power’s study also revealed the average wait time at non major banks is 3 minutes shorter than that of large financial institutions.
Amongst small banks, the best performing institution was Heritage, scoring an overall 829 out of 1000. Commonwealth Bank outperformed all other major banks, with an overall score of 754.