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Roy Morgan Customer Satisfaction Awards 2021: the best brands in banking and finance

The 2021 Roy Morgan Customer Satisfaction Awards were recently awarded to 11 deserving winners across a range of banking and finance categories.
The 2021 Roy Morgan Customer Satisfaction Awards were recently awarded to 11 deserving winners across a range of banking and finance categories.

There were three first-time winners this year including Bank First (Bank of the Year), Cbus (Industry Superannuation Fund) and HOSTPLUS (Major Industry Superannuation Fund).

Bank First had an exceptional year winning 11 monthly customer satisfaction awards during 2021 and finishing fifth overall in the prestigious Roy Morgan ‘Best of the Best’ Award which features all 37 category winners across all industries with an average customer satisfaction rating of 94.4% during 2021.

Another standout performer was RACT (General Insurer) which had a brilliant average customer satisfaction of 95.9% during 2021 to finish third overall in the cross-category ‘Best of the Best Award’.

Commonwealth Bank (Major Bank) continued its dominance by securing its ninth straight customer satisfaction award – easily the longest winning streak of any banking or finance company – and did so by winning 10 monthly customer satisfaction awards during 2021.

There were several other companies to notch up consecutive wins in 2020 and 2021 including Newcastle Permanent Credit Union (Building Society/Credit Union), RAC (Major General Insurer), Ahm (Major Private Health Insurer – Retail) and Defence Health which won both Major Private Health Insurer – Not for Profit or Restricted and Private Health Insurer of the Year.

OnePath was a three-time winner this year and as well as winning back-to-back titles for Major Risk & Life Insurer also won both Retail Superannuation Fund of the Year categories – Major and overall.

Rejoining the winner’s circle after five years was Allianz which won Risk & Life Insurer of the Year for the first time since 2016.

Banking and finance category winners for 2021:

Bank of the Year

Bank First (NEW)

Major* Bank of the Year

Commonwealth Bank

Building Society/Credit Union of the Year

Newcastle Permanent Building Society

General Insurer of the Year

RACT

Major* General Insurer of the Year

RAC

Private Health Insurer of the Year

Defence Health

Major* Private Health Insurer of the Year  – Not for Profit or Restricted

Defence Health

Major* Private Health Insurer of the Year – Retail

Ahm

Risk and Life Insurer of the Year

Allianz

Major* Risk and Life Insurer of the Year

OnePath

Retail Superannuation Fund of the Year

OnePath

Major* Retail Superannuation Fund of the Year

OnePath

Industry Superannuation Fund of the Year

Cbus (NEW)

Major* Industry Superannuation Fund of the Year

HOSTPLUS (NEW)

Michele Levine, CEO, Roy Morgan, says:

“Now in its tenth year, the Roy Morgan Customer Satisfaction Awards are about rewarding Australian businesses with the highest levels of customer satisfaction. Maintaining high levels of customer satisfaction over the last two years has been more important than ever for banking and finance companies dealing with stressed consumers worried about their financial situations.

“There were many companies that backed up a strong performance in 2020 with another year of excellence last year and leading the way was the Commonwealth Bank which won a record ninth straight victory as the Major Bank of the Year in 2021 on the back of 10 monthly victories.

“Building Society of the Year Newcastle Permanent Building Society was a standout winner notching its third straight win in the category and a perfect record in 2021 of 12 straight monthly victories. In addition, Defence Health had a similarly excellent year with a second straight win in the Major Private Health Insurer – Not for Profit or Restricted category and also completed an unblemished year with 12 straight monthly victories.

“Other companies to go back-to-back with consecutive victories in 2020-21 included RAC (Major General Insurer), ahm (Major Private Health Insurer – Retail) and OnePath (Major Risk & Life Insurer). OnePath also completed the double winning the Retail Super Fund of Year categories.

“There were three first-time winners during 2021 led by Bank First (Bank of the Year), Cbus (Industry Super Fund) and HOSTPLUS (Major Industry Super Fund). Bank First’s performance was exceptionally noteworthy with the first-time champion winning 11 monthly customer satisfaction awards during 2021.

“Looking forward we can be thankful that most restrictions related to the pandemic have now been lifted. However, already during 2022 a new set of challenges, led by inflation and rising interest rates, have emerged that are placing pressures on consumers and businesses and mean delivering a high level of customer satisfaction to banking and finance industry customers remains more important than ever.”

*’Major’ category winners such as ‘Major Bank’, ‘Major General Insurer’, ‘Major Private Health Insurer – Retail’, ‘Major Private Health Insurer – Not for Profit or Restricted’, ‘Major Risk & Life Insurer’, ‘Major Retail Superannuation Fund’ and ‘Major Industry Superannuation Fund’ are categories restricted to the brands in a given market which have the largest customer bases. 

Roy Morgan Customer Satisfaction Awards 

The Roy Morgan Customer Satisfaction Awards highlight the winners but this is only the tip of the iceberg. Roy Morgan tracks customer satisfaction, engagement, loyalty, advocacy and NPS across a wide range of industries and brands. This data can be analysed by month for your brand and importantly your competitive set. 

The data that determines who wins comes from Roy Morgan’s massive Single Source survey compiled from in-depth interviews with over 60,000 consumers from all around Australia.

Need to know what is driving your customer satisfaction?

Check out the new Roy Morgan Customer Satisfaction Dashboard at https://www.customersatisfactionawards.com.

For comments or more information please contact:
Roy Morgan - Enquiries
Office: +61 (03) 9224 5309
askroymorgan@roymorgan.com


About Roy Morgan

Roy Morgan is the largest independent Australian research company, with offices throughout Australia, as well as in Indonesia, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan has over 70 years’ experience in collecting objective, independent information on consumers.

Margin of Error

The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.

Sample Size

Percentage Estimate

40%-60%

25% or 75%

10% or 90%

5% or 95%

1,000

±3.0

±2.7

±1.9

±1.3

5,000

±1.4

±1.2

±0.8

±0.6

7,500

±1.1

±1.0

±0.7

±0.5

10,000

±1.0

±0.9

±0.6

±0.4

20,000

±0.7

±0.6

±0.4

±0.3

50,000

±0.4

±0.4

±0.3

±0.2