Heritage Bank rated most authentic bank in Australia – for second successive year

5 November 2020

Genuinely helping customers in their time of need is a key reason Heritage Bank has been rated the most authentic bank in Australia for the second successive year, CEO Peter Lock said today.

International analysts J.D. Power today released the results of authenticity findings from the 2020 Australia Retail Banking Satisfaction Study.

The research study found that Heritage Bank ranked highest in Australia for brand authenticity with an index score of 626, an increase of 21 points compared with 2019. Next highest were Bendigo Bank, People’s Choice Credit Union and CUA.

It’s the second year in a row Heritage has topped the rankings, a result which Mr Lock warmly welcomed.

“I’m absolutely thrilled that we’re ranked as the most authentic bank in the country because that’s what we strive to deliver every day – genuine and authentic service that puts the interests of the customer first,” he said.

“Authenticity comes from the heart and we are deliberate about making our members our number one focus. That obviously shines through in the experience we deliver.

“Never has that been more evident than in the way we’ve been there for our members in their time of need, whether that’s been the horrendous bushfires at the start of the year or the COVID-19 pandemic.

“As an example, we usually receive about 10-20 hardship applications a month from loan customers needing help. At the height of the pandemic we received about 2000 applications in the space of a month, but we were able to quickly respond and help those people right when they needed it most.

“It’s that type of genuine customer care that speaks volumes about our authenticity.”

In announcing the results, J.D. Power Australia’s Head of Banking and Payments Intelligence Bronwyn Gill said authenticity was increasingly important to consumers across many industries, especially in times of crisis.

Ms Gill said: “In the past year, Australians have faced the worst ever bushfire season and a global pandemic. Bank brand authenticity has been crucial, with customers looking for genuine support during their time of need. The Big 4 banks have made progress repairing customer trust; however, a sustained customer-first culture will be needed to avoid losing customers to midsize banks who offer their customers a more authentic experience that corresponds with higher satisfaction.”

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