NAB, CBA Get Higher Satisfaction Ratings

Data from Roy Morgan Research show that more customers are satisfied with the banking industry. This is a welcome improvement since the industry suffered from negative customer satisfaction earlier in 2012, thanks to the pricing in mortgage rate.

The survey, however, was taken before the big four banks delayed passing on the latest rate cuts to their customers. Industry analysts believe that in the next survey, the customer satisfaction rating may not be as good as November because of the rate cuts.

The Reserve Bank of Australia implemented a 0.25 percentage-point cut but the big four banks delayed passing it on. ANZ was the last of the big four banks to pass on the rate cuts.

The good news is that Commonwealth Bank and National Australia Bank fared better in the survey. This is a welcome development because CBA and NAB have lagged in the ratings for years.

NAB has a rating of 80.5 percent, gaining 0.1 percent while CBA received a rating of 79.5 percent, 0.4 percent higher than its previous rating.

They are followed by Westpac at 77.1 percent and ANZ at 75.7 percent. Among the big four banks, ANZ has the lowest rating. Given that ANZ was also the last to pass on the rate cuts, industry observers are not surprised if the bank would rank even lower.