Heritage Bank “trusted advisors” top Australia for advocacy

Heritage Bank customers are the most likely in Australia to recommend their bank to family and friends, according to the results of a national study just released.


The Roy Morgan Single Source survey involved more than 50,000 customers of Australia’s 16 largest banks, conducted over the 12 months to March 2017.


The survey found that almost 3 million Australians were “trusted advisors” – people who had been asked for financial advice by family or friends.


Among the “trusted advisor” group at each bank, Heritage Bank customers were the most likely in Australia to recommend their bank, as indicated by their Net Promoter Score (NPS).

Heritage’s trusted advisors had the highest NPS score in Australia at 32.6. Next best was ING on 29.5, Bendigo Bank on 26.9, Teachers Mutual Bank on 23.8 and ME Bank on 11.4.


By contrast, the four big bank customers all had negative NPS scores – the Commonwealth at -7.2, NAB at -12.3, Westpac at -12.6, and ANZ at -16.3.


The survey also looked at the percentage of each bank’s customers who were asked for financial advice by family and friends. Heritage ranked third on that list at 23.3%, just behind Citibank at 25.2% and Macquarie at 24.2%.


Heritage CEO Mr Peter Lock said it was extremely satisfying to know that customers supported Heritage so strongly


“Topping a national survey measuring customer advocacy is a gratifying endorsement of the value our customers we in banking with Heritage,” he said.


“There is no stronger way of showing your faith in an organisation than to recommend it to the most important people in your life – family and friends.


“It’s a reflection of the efforts everyone on the Heritage team puts in every day to deliver the people first experience our customers prize so highly.”


For more information on the Roy Morgan survey, go to https://roymorgan.com/findings/7246-financial-advisors-june-2017-201706131119

* 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.