- Posted 09 Nov
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In the recent Mozo People’s Choice Banking Awards, non-bank lenders were the front runners in terms of service and trust. ING Direct and Queenslanders Credit Union were the biggest winners in this area.
What’s interesting to note though, is that the event shows that there is an overall decrease in customer satisfaction when it comes to banking across Australia, with a drop to 7.82, down from 7.85 this time last year.
Below are the Awards overall winners:
- Best Bank: ING Direct with a score of 9.05
- Best Big 4 Bank: NAB with a score of 7.96
- Best Credit Union: Queenslanders Credit Union with a score of 8.99
- Best Building Society: Greater Building Society with a score of 8.72
- Best Mutual Bank: Hume Bank with a score of 9.30
Not surprisingly, ING Direct won the Best Bank award for the sixth time in a row. NAB is the only one of the big four banks to retain any kind of winning streak, which says a lot about the other major banks and the way the Australian public feels towards them.
Other Category Winners
Out of the types of products that banks offered, Mozo’s list showed that transaction and savings accounts were the leaders for the year, while high interest credit cards and personal loans were the least loved, not surprisingly.
What’s of further interest is that a family’s perceived biggest debt, the home loan, had most people feeling pretty happy, thanks to interest rates remaining lower than normal.
More interesting points of note were that women aged between 18 – 24, who were earning less than $35,000 per annum, appeared happy with their banks, while those aged 45 – 54 and earning more than $180,000 per annum, were the least happy.
Kirsty Lamont, Mozo Director, said that this trend was based on our banking life-cycle; “We’re happiest at the start of our banking life-cycle, and over time, we become less satisfied the older we get…”
This is why most people tend to shop around when it comes to finding the right home loan and when it comes to making large, family purchases. Australians know that often the best way to get the best deal is to change banks.
With the Big 4 Banks not reaching any of the major awards, it’s not unexpected that people are looking to other non-banking solutions when it comes to home loads and refinance.
No matter what your situation is, at Australian Credit and Finance, we are here to help you find the best product and bank to suit your needs. If you need help figuring out whether you need a variable or fixed interest rate, get in touch with our team today.