“Customers have spoken and the big banks should sit up and take notice. The challenger banks and mutuals are delivering competition and winning customers with competitive pricing and great customer service", said Rohan Gamble, managing director of Mozo.
(PRWEB) September 15, 2010
In Australia’s first ever bank elections, 23,000 banking customers have cast their votes and rated ING Direct as Australia’s Best Bank. The Mozo People's Choice Awards are the first to give Australians their say on the nation’s best and worst banks.
Snapping at the heels of ING Direct are the newest challenger banks on the scene, RaboDirect and UBank, with customers giving all three banks a big thumbs up for pricing, customer service and trust.
Mutuals round out the list of Australia’s top ten financial institutions, with Victoria Teachers Credit Union winning the vote for Best Credit Union and the Greater taking out Best Building Society.
The big four banks are rated by customers as amongst the ten worst financial institutions in the country, but can at least console themselves with the fact that consumers are even more scathing of U.S. finance giants GE Money, American Express and Citibank. All were criticised for heavy-handed fees, uncompetitive interest rates and poor customer service.
Unlike other banking awards that rely on the views of industry experts, the People’s Choice Awards were created to give Australians the chance to have their say on their banking experience.
More than 23,000 Australians participated in the inaugural People’s Choice Awards by rating and reviewing their financial institution on finance comparison and reviews website Mozo over the last 12 months, making this the largest financial conversation in the country.
Customers rated their financial institutions on six criteria: overall satisfaction, price, features, customer service, convenience and trust. The results were aggregated to provide a comprehensive report card on the Australian banking industry.
Rohan Gamble, managing director of Mozo said, “Customers have spoken and the big banks should sit up and take notice. The challenger banks and mutuals are delivering competition and winning customers with competitive pricing, great customer service and a customer first focus that engenders trust.”
The challengers and mutuals also dominate the Mozo People’s Choice Awardby product category, with ING Direct taking out Best Bank Accounts, UBank winning Best Savings Accounts, ME Bank scooping Best Home Loans and Bendigo Bank cleaning up Best Credit Cards, Personal Loans and Term Deposits.
Mr Gamble said, “It’s no coincidence that the institutions voted as Australia’s best credit, savings and loans providers are the ones with the best overall value products as opposed to the headline grabbing honeymoon rates that often hide high fees and revert back to less competitive offers after just a few months.
“Our Awards are showing that Australians are getting savvy towards the banks’ sneaky tricks and are not as lazy with their money as some commentators suggest. With the Mozo bank ratings and reviews we are hoping to create a groundswell of consumers helping each other to make the most of their money and avoid getting ripped off.”
For the complete Mozo People’s Choice Awards winners list, go to http://mozo.com.au/peopleschoice