Before we begin, we must state that as mortgage brokers serving the Kwinana, Rockingham and Baldivis areas, we are not dissatisfied with big banks. We offer credit products from big banks, customer-owned banks, credit unions and many other types of lenders.
However, we would be remiss if we didn’t offer this information to our clients and allow them to make their own decisions. Big banks have pros and cons, just like any other lender. Here is some feedback from a Roy Morgan poll of bank customers.
91% of the consumers polled were satisfied with customer-owned banks. Building societies came in second at 90%; foreign banks were third at nearly 86%, while the four major banks came in at less than 80% customer satisfaction.
While this may sound disappointing, the number of customers satisfied with the major banks was less than 60% at the beginning of the 2000’s. Big banks have made some adjustments after customer feedback. For example, after being raked over the coals in the court of public opinion due to branch closures, banks actually opened 65 more branches across Australia in 2012.
What the Numbers Mean
Big Banks have developed a reputation for being cheap. This isn’t necessarily accurate but it is the most common perception. Overseas call centres populated by people who speak substandard English are a public relations nightmare for large banks and a constant source of complaints.
Customer-owned banks, OTOH, have a reputation of giving the customer their money’s worth because there are no shareholders to pay. Decisions can be made for the purpose of giving great service as opposed to making money for shareholders.
Another advantage customer-owned banks have over the major banks is more local presence. Big banks are seen as “big business” and they are seen as not being local or caring about the local populace. Major banks have tried to learn and borrow from customer-owned banks by creating sub-brands based on locality, such as the Bank of Melbourne owned by Westpac but locals aren’t fooled.
You Want More Choices.
We don’t really favour one bank or lender over another. All our mortgage brokers want to do is find you the right home loan for your Kwinana, Baldivis or Rockingham house.
Call (08) 9527 1800 today.