The first company in Australia to provide consumers with online access to credit reports.
Banking & Credit Card Survey 2011
Summary
The most dramatic observation to come from our 2011 Banking and Credit Card Survey is the significant improvement in customer service given by virtually all banks and credit card companies since last measured. 77% now rate their bank as giving excellent or very good service, compared to 42% in 2009.
Smaller banks and credit card companies did particularly well and punched well above their weight. In banking, Bank West and Bendigo, each polled a 4% share of responses, but topped the customer satisfaction tables. In credit cards, American Express and Bank West each polled a 5% share of responses, and topped the tables. So a great year for Bank West which appeared in second place in both tables, and also for American Express, which was also at the top of our card table in 2009.
When it comes to choosing what card is at the top of your wallet or purse, the Big 6 are all there – in order of preference of our respondents, ANZ, Commonwealth, Westpac, NAB, St George and Bank West. For banking too, our respondents are fiercely loyal, with the most popular banks, in order, being Commonwealth, ANZ, Westpac, NAB, St George and Bendigo.
Looking at the remainder of the survey, there are few significant changes, in particular relating to the features looked for when choosing a credit card – the results are almost identical except that a lack of stealth charges doesn’t seem to be as important as it was in 2009. The interest rate continues to be the no 1 factor, followed by internet access, and then the annual fee.
