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Due to the rebranding process the bank postponed its 2015 customer insights survey, which will be conducted in 2016. This decision affects our ability to report on some areas, so for this report we used information from our Customer First survey distributed to new customers or those applying for a new product.

We survey new customers to learn more about their experience of joining Bank Australia and what attracted them to the bank. In 2015 we received 826 responses, representing approximately 12.7% of new customers. In addition, the bank surveys existing customers who purchase new products, receiving 1,644 responses.

The results showed:

  • 90.3% of new and existing customers reported they were satisfied with their recent experience
  • the bank recorded a Net Promoter Score of +50.59 (calculated as the percentage of promoters less the percentage of detractors)
  • 82.1% of new customers and existing customers conducting new business indicated the ease of doing business with the bank was ‘excellent’ or ‘good’
  • 23.5% of new customers came to the bank via a comparison rate site such as Ratecity or Mozo
  • 24.2% of new customers were recommended by another person
  • 30.2% of new customers were attracted to the bank’s responsible approach to banking
  • 25.5% of new customers switched because of the interest rate
  • 15% of new customers switched because of the bank’s values
  • 32.9% of existing customers switched to a new product for the interest rate
  • 15.8% of existing customers switched to a new product for a more responsible approach to banking
  • 13.6% of existing customers switched to a new product for the values of the organisation
Primary reason for switching New customers
(%) of total
Existing customers
(%) of total
Fees and charges 4.03 6.09
Interest rate 25.46 32.97
Dissatisfied with the product at previous financial institution 2.56 2.87
Dissatisfied with the service at previous financial institution 6.78 10.39
Declined for further/additional product 1.10 0.72
Branch or service centre locations 2.20 1.08
Values of organisation 15.02 13.62
I support a more responsible approach to banking 30.22 15.77
Maturity of product 0.18 0.36
Other 12.45 16.13
Total 100.0 100.0

Source: Customer First Survey 2015.

New customers were asked to describe the bank in three words, producing the following word cloud highlighting the strongest words:

 

Existing customers were asked the same question and generated a word cloud that focused on service attributes: