Roy Morgan Customer Satisfaction Awards 2024: the best brands in banking and finance
The 2024 Roy Morgan Customer Satisfaction Awards were presented in Melbourne in April. There was a total of 12 awards in the banking and finance categories awarded – included many companies which backed up on wins a year ago.
There were two first time winners (Medibank Private and ANZ Smart Choice Super), two previous winners returning to the winner’s circle (Teachers Health and Defence Service Homes Insurance) and six companies continuing their winning streaks from years’ past (Commonwealth Bank, RAC, UniSuper, Australian Unity, P&N Bank and Up).
One of the most impressive winners was P&N Bank which won the Bank of the Year after collecting six monthly satisfaction awards and placed highly in the overall ‘Best of the Best’ Award with an average customer satisfaction rating of 91.6% - the second highest of any banking or finance brand.
Major Bank of the Year was again won by the Commonwealth Bank after winning seven monthly satisfaction awards during 2024. This was the CBA’s 12th straight win as the Major Bank of the Year with Australia’s largest bank unbeaten in the category for over a decade.
One of the most notable performances was by Up, winning its second straight Neo Bank of the Year award. Up, which is an online subsidiary of the Bendigo and Adelaide Bank, took out all 12 monthly awards in the category – and has now won all 24 straight monthly awards in 2023-24.
Not only is Up now on a multi-year winning streak but it also finished with an average customer satisfaction rating of 92.0% and was the highest rated banking and finance brand of all and the only one to finish (for a second straight year) within the top ten overall of the ‘Best of the Best Award’.
There were six award winners for the insurance categories at this year’s Roy Morgan Customer Satisfaction Awards including two companies returning to the winner’s circle after missing out a year ago, two companies going back-to-back in their respective category and one company winning for the first time.
The most consistent winner in the insurance categories is the Perth based automotive insurance company RAC (Major General Insurer of the Year) with a perfect record of 12 monthly satisfaction awards and a sixth straight win in the category (with wins from 2019-2024).
Also backing up its first win at the Roy Morgan Customer Satisfaction Awards with a second straight victory was Australian Unity as the Private Health Insurer of the Year (Retail) which won the category easily with nine monthly victories during 2024.
Returning to the winner’s circle this year were Private Health Insurer of the Year and Private Health Insurer of the Year (Not for Profit or Restricted) Teachers Health with 10 monthly award wins across the two categories and adding to previous wins in 2013, 2015 and 2022 and Defence Service Homes Insurance which won its fifth General Insurer of the Year after previous wins in 2012, 2013, 2014 and 2022.
The first-time winner this year is Medibank Private which took out the Risk & Life Insurer of the Year in a tight contest by winning seven months for its first victory in the category.
In the superannuation categories there were two standouts during 2023 with UniSuper winning the Industry Super Fund of the Year for a third straight year, with nine monthly satisfaction awards, and the overall Super Fund of the Year for a second straight year with eight monthly satisfaction awards. UniSuper has now won an impressive seven Roy Morgan Annual Customer Satisfaction Awards over the last six years since 2019.
Stepping into the winner’s circle as a first-time winner of the Retail Super Fund of the Year was ANZ Smart Choice Super in a highly contested category with six monthly customer satisfaction awards during the year. This was one of only four categories this year which had four or more winners competing for the overall prize. ANZ Smart Choice Super is issued by OnePath Custodians Proprietary Limited, which is a part of the Insignia Financial group of companies.
Banking and finance category winners (12 awards) for 2024:
Finance (12 Awards)
| Bank of the Year | P&N Bank |
| *Major Bank of the Year | Commonwealth Bank |
| Neo Bank | Up |
| General Insurer of the Year | Defence Service Homes Insurance |
| *Major General Insurer of the Year | RAC |
| Private Health Insurer of the Year | Teachers Health |
| Private Health Insurer of the Year – Retail | Australian Unity (NEW) |
| Private Health Insurer of the Year - Not for Profit or Restricted | Teachers Health |
| Risk & Life Insurer of the Year | Medibank Private (NEW) |
| Retail Super Fund of the Year | ANZ Smart Choice Super (NEW) |
| Industry Super Fund of the Year | UniSuper |
| Super Fund of the Year | UniSuper |
*The brands included in the two major award categories highlighted here are determined based on market size and only the top brands by market size are included in the major award categories.
Michele Levine, CEO, Roy Morgan, says:
“The Roy Morgan Customer Satisfaction Awards are now in their thirteenth year and reward the Australians businesses – of all shapes and sizes – which consistently provide the highest levels of customer satisfaction.
“The winners of the annual award across 38 separate categories, including 12 categories covering banking and finance, have not only reached market-leading levels of satisfaction, but have maintained these high standards throughout a challenging past year.
“The banking and finance category celebrated seven repeat winners, including the dominant Commonwealth Bank (winning for an incredible twelfth straight year as the Major Bank of the Year), Perth based RAC (winning for a sixth straight year as the Major General Insurer of the Year) and UniSuper which won both Industry Superannuation Fund of the Year and the overall Superannuation Fund of the Year for a second straight year – and has now won a total of seven Annual Customer Satisfaction Awards since 2019.
“There were two first-time winners in the banking and finance categories this year including ANZ Smart Choice Super which won the Retail Superannuation Fund of the Year, and Medibank Private which was the Risk & Life Insurer of the Year for the first time in a highly competitive category.
“There were also two companies which returned to the winner’s circle in 2024 after previous victories in their respective categories stretching back more than a decade. Defence Service Homes insurance was awarded General Insurer of the Year for a fifth time after previous wins in 2012, 2013, 2014 and 2022, and Teachers Health picked up both Private Health Insurer of the Year and Private Health Insurer of the Year (Not for Profit or Restricted) – adding to three previous victories.
“The diverse range of winners shows these awards can be won be any brand that’s in the business of delivering high satisfaction to its customers wherever they can be found.
“Roy Morgan congratulates all ten winners in the banking and finance categories and looks forward to these companies repeating their high levels of customer satisfaction and returning to the winner’s circle during the year ahead.”
To learn more about Roy Morgan’s banking and finance data call (+61) (3) 9224 5309 or email askroymorgan@roymorgan.com.
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The Roy Morgan Customer Satisfaction Awards highlight the winners but this is only the tip of the iceberg. Roy Morgan tracks customer satisfaction, trust and distrust, engagement, loyalty, advocacy and NPS across a wide range of industries and brands. This data can be analysed by month for your brand and importantly your competitive set, and Roy Morgan can also provide the key drivers of these metrics to identify the specific levers for improvement.
The data that determines who wins comes from Roy Morgan’s massive Single Source survey compiled from in-depth interviews with over 60,000 consumers from all around Australia.
Need to know how you stand in customer satisfaction?
Check out our rankings and related customer satisfaction reports by industry and brands atwww.customersatisfactionawards.com
For comments or more information about Roy Morgan’s Customer Satisfaction data, please contact:
Roy Morgan Enquiries
Office: +61 (3) 9224 5309
About Roy Morgan
Roy Morgan is Australia’s largest independent Australian research company, with offices in each state, as well as in the U.S. and U.K. A full-service research organisation, Roy Morgan has over 80 years’ experience collecting objective, independent information on consumers.
Margin of Error
The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.
| Sample Size | Percentage Estimate |
| 40% – 60% | 25% or 75% | 10% or 90% | 5% or 95% | |
| 1,000 | ±3.0 | ±2.7 | ±1.9 | ±1.3 |
| 5,000 | ±1.4 | ±1.2 | ±0.8 | ±0.6 |
| 7,500 | ±1.1 | ±1.0 | ±0.7 | ±0.5 |
| 10,000 | ±1.0 | ±0.9 | ±0.6 | ±0.4 |
| 20,000 | ±0.7 | ±0.6 | ±0.4 | ±0.3 |
| 50,000 | ±0.4 | ±0.4 | ±0.3 | ±0.2 |
