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Bendigo Bank customers most loyal

2 August 2010 |Media centre

Brisbane based consulting firm, Engaged Marketing, has released results of its latest Consumer Loyalty Benchmarking study, naming Bendigo Bank as having the equal highest Net Promoter Score in the Australian banking sector.

The survey based on more than 6600 consumer responses, rated nine banks on customer loyalty using the Net Promoter Score, which measures the likelihood to recommend.

Bendigo Bank is a consistent leader with Net Promoter Scores within the banking industry, with their customers more likely to recommend the bank to their friends and family than customers of other banks.

Bendigo and Adelaide Bank’s Executive, Customer and Community, Russell Jenkins said Net Promoter Scores are a key indicator of business growth.

“The Net Promoter Score is an accurate measure of customer loyalty, and a measure that we have high regard for within our organisation,” Mr Jenkins said.

“Our entire business is, and always has been, customer-focussed and we attempt to exceed customer expectations every day.”

The study found that 45 per cent of all respondents said that a recommendation from a friend, colleague or family member is the greatest influence when making a decision about a purchase of a product or service.

It also highlighted that for every one negative comment made about a bank, it takes four or five positive referrals to reverse the damage.

“In Australia, there are around 18 million banking relationships, which means there may be as many as 30 million negative comments being made about banks each year,” Mr Jenkins said.

“Because of this, it’s imperative we give our customers a positive experience from the first encounter.

“We believe that successful customers create a successful community, which in turn creates a successful bank – but only in that order.”

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