Banking Industry Customer Satisfaction Survey Indicates Positive Improvements in Service Levels

February 27, 2024

Kuala Lumpur, Tuesday, 27 February 2024 – The Association of Banks in Malaysia (ABM) is pleased to announce the results of the Customer Satisfaction Survey (“the Survey”) for the banking industry for the year 2023. Twelve of our member banks offering retail banking participated in the Survey, which is supported by Bank Negara Malaysia. The Survey aims to assess and enhance the customer service standards provided by retail banks in Malaysia, as outlined in the banking industry’s Customer Service Charter (“the Charter”).

The Charter was introduced by the banking industry in 2011 to outline key commitments and service standards for all banks when providing service to customers. In 2017, the Charter underwent revisions, focusing on Four Pillars, namely: 1) Know Your Customer; 2) Timely and Efficient Service; 3) Transparent and Personable Service; and 4) Banking Made Accessible.

The 2023 Survey, conducted by Ipsos, served as a follow-up to the Survey conducted in 2019, which established an industry benchmark for the Malaysian banking industry in terms of customer service. The results of the 2019 Survey have been used as a baseline to measure current performance and track improvements in customer loyalty and overall customer satisfaction. A total of 9,500 customers participated in the Survey, involving 19 banks, comprising conventional commercial banks and Islamic banks.

Key findings from the Survey

  1. The 2023 Survey revealed marked improvements in customer loyalty and overall customer satisfaction compared to the Survey conducted in 2019. At an industry level, customer loyalty improved by 20 points (2023: +61; 2019: +41), while customer satisfaction increased by 7 percentage points (2023: 88%; 2019: 81%).
  2. At a more granular level, customer satisfaction stood at over 80% across all products[1] and channels[2] within the scope of the Survey. Satisfaction scores for all 14 products and channels showed improvements compared to the previous Survey in 2019.
  3. The top three drivers of customer loyalty and overall customer satisfaction as indicated by respondents are as set out below:-
    1. Staff attitude and services provided – respondents were overall satisfied with prompt services rendered by the bank staff, their friendliness and efficiency;
    2. Brand image – banks are stable and well known, trusted, and easy to deal with; and
    3. Products and services – convenient services making it easy to transact, and efficient and smooth transactions.
  4. Respondents, however, also indicated the following areas of opportunity for the banking industry to further elevate customer experience through consistency of delivery:-
    1. Staff attitude and services provided – inconsistencies in service speed, level of service and approachability of staff;
    2. Digital banking – further robustness in the functionality, user friendliness and stability; and
    3. Branch services – long waiting times.
  5. The Survey also sought feedback on the Four Pillars of the Charter. Based on the responses received, all four Pillars recorded customer satisfactions score of 80% and above. Pillar 2 (Timely and Efficient Service) was rated as the most important driver of customer satisfaction, followed by Pillar 3 (Transparent and Personable Service) and Pillar 1 (Know Your Customer).
  6. The top performing banks (listed alphabetically) for each of the Four Pillars of the Charter and selected channels are as follows:-
    • Pillar 1: Know Your Customer – Al Rajhi Bank, Bank Islam, Bank Muamalat, Bank Simpanan Nasional, HSBC Bank, OCBC Bank
    • Pillar 2: Timely and Efficient Service – Al Rajhi Bank, Alliance Bank, Bank Islam, Bank Muamalat, OCBC Bank
    • Pillar 3: Transparent and Personable Service – Al Rajhi Bank, Alliance Bank, Bank Islam, Bank Simpanan Nasional, HSBC Bank
    • Pillar 4: Banking Made Accessible – Affin Bank, Al Rajhi Bank, Bank Islam, Bank Simpanan Nasional, Public Bank
    • Branch – Al Rajhi Bank, Bank Islam, Bank Muamalat, HSBC Bank, OCBC Bank, Public Bank
    • Self-Service Terminals – Al Rajhi Bank, Bank Islam, Bank Muamalat, Bank Simpanan Nasional, CIMB Bank, Standard Chartered Bank
    • Online banking – Affin Bank, Al Rajhi Bank, Maybank, OCBC Bank, Public Bank
    • Mobile banking – Al Rajhi Bank, HSBC Bank, MBSB Bank, OCBC Bank, Standard Chartered Bank

Given the encouraging results of the Survey, each bank is diligently analysing the Survey results to determine its respective areas of opportunity and will be taking the appropriate action steps to remedy identified shortcomings. The banks are cognisant that greater customer loyalty can be achieved through the enhancement of consistency and efficiency in service delivery, and they are committed to further improving the customer experience.

For more information on the Customer Satisfaction Survey 2023, please visit the ABM website at

[1] Refers to current and savings account (CASA), debit card, fixed deposit, credit card, hire purchase, home loan/financing and personal loan/financing.

[2] Refers to self-service terminals, branch, mobile banking app, online banking, contact centre, social media and relationship manager.

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