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ISCOVER
Staff Reporter
ANZ’s decision to move its rates independently of the Reserve Bank appears to have won the bank few fans.
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According to financial comparison site mozo.com.au, ANZ’s home loan satisfaction rating has dropped 0.33 this year to become the only major bank with an overall customer satisfaction rating under 7 out of 10.
But ANZ’s head of third party and relationship channels Meg Bonighton defended the bank’s decision to break ranks with the RBA and said the move ultimately provides both borrowers and brokers with greater transparency.
“The market is very uncertain at the moment and this provides borrowers and brokers with clarity and certainty around when we make rate changes,” she told The Adviser back in September.
“The good brokers that I talk to see that. They have taken the information we have provided them and put that on their own website as a customer education tool, which I think has helped the conversations we have with borrowers. When I have a conversation with a broker who is not in the supporter camp, by the time I have finished the conversation with them, they usually are. Once you lay the facts down on the table and discuss why we do what we do, they can’t argue with the logic.”
The report also found that the Commonwealth Bank of Australia’s CAN advertising campaign is paying dividends for the lender, with the major bank improving its home loan satisfaction rating by 0.66 since June.
