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 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 Awards by 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, visit: Mozo People’s Choice Awards
For more information, or to arrange an interview, please contact:
Mozo Marketing Director
P (02) 9037 4372 M 0400 411 148
About Mozo (http://mozo.com.au/)
Mozo.com.au is an online finance comparison and reviews service that launched in October 2008 to help Australians navigate the money maze. Mozo is the first service to combine financial product comparison tools with customer ratings and reviews, allowing Australians to compare banking products and providers on everything from interest rates to customer service. CONTACT INFORMATION
00 61 (02) 9037 4372