Big Aussie banks don't rate well
None of the big four rank in the top 10 when it comes to Australia's preferred bank, new research shows.
Commonwealth Bank, Westpac, National Australia Bank and ANZ are all outranked by their smaller rivals, according to data compiled by consumer feedback website ProductReview.com.au. New Zealand’s biggest banks are Australian-owned.
ING Direct is number one, according to more than 3,500 reviews on the website.
It is followed by Heritage Bank, a customer-owned business, and ME Bank, which was established by super funds and unions. Other top-10 banks include Bendigo Bank, Bank of Cyprus and Macquarie Bank.
All four of the big banks received an average rating of 2.6 out of 5.0 on the ProductReview website, leaving them well down the list.
"Typically, people are trending away from the big providers as they look for better deals and personalised service," website spokesman Samuel Williamson said.
But, the latest industry statistics show the majors remain a dominant force in the banking industry, holding many times the funds of those at the top of ProductReview's latest rankings.
Commonwealth is the largest holder of deposits with more than A$344 billion (NZ$439b) on its books, and Westpac has issued the greatest volume of loans at A$405b, data from the Australian Prudential Regulation Authority shows. ING holds just A$29b in deposits and A$41b in loans.
Heritage and ME Bank are even smaller, with just A$5b and A$8b in both deposits and loans, respectively.