Over the past five years billions of dollars have been spent by Australia‘s big four banks on IT - ostensibly as a way of improving customer satisfaction, ultimately leading to improving market share.
But the latest customer satisfaction survey from Roy Morgan Research for July demonstrates pretty clearly that rather than getting an edge on the competition - there has been a general convergence in customer satisfaction numbers between the big four - Commonwealth Bank, Westpac, the National Australia Bank and ANZ.
However it is worth noting that the Roy Morgan survey shows the customer satisfaction scores are significantly higher for other financial institutions including building societies, regional banks, credit unions, mutuals and offshore banks.
In terms of levels of customer satisfaction between individual banks, this comes down to interest rates (again).
Remember, NAB picked up market share and gained customer satisfaction when it promised to cut fees and offer the lowest variable interest rate among the big four.
Business clients have long lagged the consumer counterparts when it comes to satisfaction with their banks and despite recent improvements the score sits at only 66. 7 per cent according to Roy Morgan.
While customer satisfaction is a measure that seems to obsess the hierarchies of the major banks, analysts and shareholders donâ€™t seem to pay it much attention.
Read more here: SMH