Heritage number one in customer satisfaction

According to the latest Roy Morgan customer satisfaction research into Queensland banking institutions, Heritage Building Society is once again ranked number one when it comes to customer satisfaction.

The research found that Heritage, Australia’s largest building society, is significantly ahead of its competition when it comes to satisfying customers.

According to Roy Morgan, Heritage outstripped the competition including all banks to achieve a satisfaction rating[1] for the six months to April 2009 of 86.4%.

Roy Morgan’s survey of Heritage customers who regard the Society as their main financial institution highlighted an even higher level of satisfaction.

In fact, Heritage scored a 91.5% satisfaction rating and the next best institution came in at 83.5%.

In both measures the banks averaged only 73.1% and 74.8% compared with total building societies who averaged 86.3% and 87.1% respectively.

Heritage CEO, John Minz said the findings clearly demonstrate that members who choose to do their banking with Heritage are more satisfied than those who choose to do their business with banks.

“While the major banks have recently spoken out on their aspirations to increase their customer satisfaction ratings, I am proud to say that Heritage is already there. During the past ten years, we have averaged a rating of more than 20 percentage points above the majors,” he said.

“The difference is simply the quality of service delivered to our members through all the Society’s retail channels. Mutuals like Heritage continue to fill a niche within the market offering a competitive, low cost, service-orientated banking alternative.

“As a mutual organisation, at Heritage we go that extra mile in serving our members, producing better products, as well as offering very competitive deposit and lending rates.

“Heritage will continue to put People first as we work hard to provide a superior alternative in the Australian banking and finance sector,” Mr Minz said.

[1] The rating refers to an institution’s total customers.

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.