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Consumers unsatisfied with banks

An extensive study of consumer experience outcomes has found Australian consumers are largely unsatisfied with their banking experiences.

Just three out of nine banks assessed in Brisbane consulting firm Engaged Marketing's 2010 Benchmarking Survey achieved positive consumer experience scores, the firm has revealed.

Furthermore Australian banks as a whole performed weakly alongside those in the United States, achieving an average score of just three per cent compared to 20 per cent.

The study is based on more than 6690 consumer responses across Australia.

The three Australian banks who achieved positive scores were all second tier banks; Bank of Queensland, Bendigo Bank and Bankwest.

Combined, second tier banks scored an average 12 per cent – compared to the big four's -21 per cent.

Building societies were clear leaders, according to the study, achieving a score of 49 per cent, followed by credit unions at 37 per cent.

According to Engaged Marketing the results suggest banks have strong potential to grow simply by focusing on improving their customer experiences.

"There has never been a more critical time to go back to basics and focus on the customer," commented Engaged Marketing founder and CEO Chris Roberts.

Tuesday, 03 August 2010
By: Staff Reporter – the Adviser