30% of Australians will leave the big four banks in 2017

More than one-third of Australians are prepared to leave their bank in 2017, which is a far cry from the inertia that has previously crippled this country, where consumers were prepared to put up with bad service.

Results from a recent study conducted by COPC Inc. indicate that 36 per cent of Australians under the age of 39 are prepared to change their main bank from the big four this year to another competitor. A further 42 per cent of Australians between the ages of 40-49 are also prepared to look outside the big four banks, as they search for a better customer experience.

“This is the first time in a long time that Australians are prepared to actually shift banks in search of better customer service,” Ian Aitchison, CEO of the Asia Pacific region for COPC Inc., says.

“Customers’ experiences with contact centres and with their own local branch are more becoming more important and when consumers are not experiencing satisfaction to a query, they are not only prepared to vent their frustration to friends, colleagues and on social media, but are now physically prepared to look for alternative options when it comes to banking.”

Furthermore, 41 per cent of households with a combined income between $100,000-$150,000 state they are likely to leave their banks in the next 12 months, while 33 per cent of households with a combined income of less than $100,000 will also be saying goodbye to one of the big four banks.

The exclusive survey conducted by COPC Inc. in December 2016 has even more bad news for banks.

“One of the interesting findings was the impact that interacting with a staff member from a bank on the phone or face-to-face had on the Net Promoter Score,” Aitchison says. “Customers who had no contact at all in the previous three months gave equally bad scores as those who had been involved in an unsuccessful transaction.

“What had a strong impact on the Net Promoter Score was resolving customers’ issues. This is just one more reason why it is important to measure issue resolution in the contact centre and the branches.