RACQ and fellow mutuals buck bank trust trend

Customers are more satisfied with member-owned banks than the Big Four, new figures have revealed.

Research, released by Roy Morgan this week, showed the customer-owned banking sector was the clear leader in banking customer satisfaction and advocacy.

The combined Net Promoter Score for the customer-owned banking sector was 26, compared to the combined big banks score of negative six.

RACQ Bank CEO Michelle Bagnall said she was not surprised by the result.

“With no shareholders to pay dividends to, we’re able to offer some of the best rates in the country as well as low fees,” Ms Bagnall said.

“Any profits we do make are reinvested back in our members and their communities in the form of improved products and services, and community initiatives like the RACQ Rescue Helicopter Network.”

Ms Bagnall said RACQ’s commitment to members had resulted in the Club’s inclusion in the recent ‘Top 10 Most Trusted Brands’ list.

“Trust in the banking industry is extremely low right now, as we’re seeing played out through the Royal Commission,” she said.

“The mistrust in the big banks has led many Australians to seek out an alternative and people are really seeing the benefits of customer-owned banks like credit unions and mutuals.”