Roy Morgan Customer Satisfaction Awards 2023: the best brands in banking and finance
The 2023 Roy Morgan Customer Satisfaction Awards were presented in Melbourne in mid-April. This year’s awards added two new categories – Neo Bank of the Year and Super Fund of the Year – including both retail and industry funds for the first time.
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 four first time winners (P&N Bank, Up, Australian Unity and Australian Ethical), two previous winners returning to the winner’s circle (St Lukes and RAA) and four companies continuing their winning streaks from year’s past (Commonwealth Bank, RAC, UniSuper and Real Insurance).
One of the most impressive first-time winners was P&N Bank which won the Bank of the Year after collecting six monthly satisfaction awards to place highly in the overall ‘Best of the Best’ Award with the sixth highest annual customer satisfaction of any of the 38 award winners.
Major Bank of the Year was again won by the Commonwealth Bank after winning nine monthly satisfaction awards during 2023. This was the CBA’s 11th straight win as the Major Bank of the Year with Australia’s largest bank unbeaten in the category for over a decade.
Another impressive performance was that of Up, the inaugural Neo Bank of the Year winner. Up, which is an online subsidiary of the Bendigo and Adelaide Bank, took out all 12 monthly awards in the category to easily out-strip the competition and place within the top ten of overall the ‘Best of the Best Award’.
In the superannuation categories there were two standouts during 2023 with UniSuper winning the Industry Super Fund of the Year for a second straight year with eight monthly satisfaction awards and stepping up to win the overall Super Fund of the Year with six monthly satisfaction awards. UniSuper has now won five Roy Morgan Annual Customer Satisfaction Awards over the last five years since 2019.
Stepping into the winner’s circle as a first-time winner of the Retail Super Fund of the Year was Australian Ethical with a comprehensive ten straight monthly customer satisfaction awards from March – December 2023. Australian Ethical describes itself as ‘investing for the future since 1986’ – and to be awarded the prestigious Customer Satisfaction Award for 2023 indicates the company is well-placed to forward to a successful future growing the investments of Australians who prioritise an ethical investment mindset.
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 first-time winner this year is Australian Unity which streaked the field by winning all 12 monthly satisfaction awards to be awarded the Private Health Insurer of the Year – Retail for the first time.
Other winners in the insurance categories included back-to-back winners RAC (Major General Insurer of the Year) with a perfect record of 12 monthly satisfaction awards and a fifth straight win in the category (with wins from 2019-2023) for the Perth based automotive insurance company and Real Insurance (Risk & Life Insurer of the Year) with five monthly wins and backing up for a second straight victory in the category.
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) St Lukes with a stunning 18 monthly award wins across the two categories and its first wins since 2019, and General Insurer of the Year, the Adelaide based automotive insurer RAA. RAA won seven monthly satisfaction awards in 2023 and returned to the winner’s circle for the first time since 2020.
Banking and finance category winners (12 awards) for 2023:
Finance (12 Awards)
| Bank of the Year | P&N Bank (NEW) |
| *Major Bank of the Year | Commonwealth Bank |
| Neo Bank (NEW CATEGORY) | Up (NEW) |
| General Insurer of the Year | RAA |
| *Major General Insurer of the Year | RAC |
| Private Health Insurer of the Year | St Lukes |
| Private Health Insurer of the Year – Retail | Australian Unity (NEW) |
| Private Health Insurer of the Year - Not for Profit or Restricted | St Lukes |
| Risk & Life Insurer of the Year | Real Insurance |
| Retail Super Fund of the Year | Australian Ethical (NEW) |
| Industry Super Fund of the Year | UniSuper |
| Super Fund of the Year (NEW CATEGORY) | UniSuper |
*The brands included in the seven major award categories 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:
“Now in its twelfth year, the Roy Morgan Customer Satisfaction Awards are about rewarding Australian businesses with the highest levels of customer satisfaction. Winners of the annual award have been capable of not only reaching high levels of satisfaction, but also being able to maintain those levels despite all internal or external challenges faced throughout the year.
“The banking and finance category hosted several repeat winners, such as the dominant Commonwealth Bank (winning for an incredible eleventh straight year as the Major Bank of the Year), Perth based RAC (winning for a fifth straight year as the Major General Insurer of the Year) and UniSuper which scooped two awards in 2023 and has now won a total of five Annual Customer Satisfaction Awards since 2019.
“In addition to the companies building on earlier successes, there were also four first-time winners. The first-time winners included Neo Bank of the Year Up – a successful online subsidiary of the Bendigo and Adelaide Bank which all 12 monthly awards for its first Annual Customer Satisfaction Award as well as P&N Bank which won the prestigious Bank of the Year Award for the first time with the highest customer satisfaction of any banking and finance category.
“There were also two companies returning to the winner’s circle after missing out a year earlier including the Adelaide-based General Insurer of the Year RAA (back on top after last winning in 2020) and Private Health Insurer of the Year St Lukes which also won in the ‘Not for Profit or Restricted’ category and notched up an impressive 18 monthly award wins during 2023 – the equal highest of any business this year.
“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 at www.customersatisfactionawards.com
For comments or more information about Roy Morgan’s Customer Satisfaction data, please contact:
Roy Morgan Enquiries
Office: +61 (3) 9224 5309
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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 |
