These are the latest findings from Roy Morgan’s “Business Satisfaction – Business Banking in Australia” Report.
Over the last year, business customers have been gradually increasing their level of satisfaction with banks, going from 61.4% in November 2010 to 65.5% in December 2011. During this period all of the major banks with the exception of the CBA, improved their satisfaction rating, with the biggest gains being made by the ANZ (up 7.5% points) and St George (up 7.4% points).
Business Bank Satisfaction
Source: Roy Morgan Research Business Survey, June 2010 – December 2011; Average 6 monthly sample, n = 6,757 ** 7 months to April 2011.
St George maintains a clear lead over its competitors for satisfaction across all products areas, with the exception of loans where it is only an average performer. Westpac leads its big four competitors in all major products areas, except for loans where ANZ performs slightly better.
The CBA’s low ranking overall is due to its low rating across most areas but particularly loans, cards and relationship manager performance.
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“While there are some encouraging signs of satisfaction improvements by banks amongst their business customers it is worth noting that there is a long way to go for all banks in order to catch up with their performance in consumer banking. With the potential for profitable growth becoming much less amongst consumers there is likely to be increased competition for growth in the business market, with the result that more focus will need to be on understanding the needs of business customers.
“A major area of weakness seen by business customers across all banks is that they do not maintain regular contact with them and do not follow developments in their industry. In future they will need to focus more on the needs and concerns of their customers and show greater interest in what is obviously a more complex market compared to consumer banking.”
The detailed Roy Morgan Business Satisfaction – Business Banking Report in Australia – December 2011 is available. The brands in this report include ANZ, Bank of Queensland, Bankwest, Bendigo Bank, BNP Paribas, Citibank, Commonwealth Bank, HSBC, ING Direct, Macquarie Bank, National Australia Bank, Rabobank, Royal Bank of Scotland, St George Bank, Societe Generale, Suncorp and Westpac.
The Roy Morgan Research Business Survey interviews over 13,000 Businesses per annum covering the full range of industries and business sizes so as to represent all the businesses covered by the ABS. The survey covers all aspects of business finance so as to be comparable with the well established personal finance survey which interviews over 50,000 per annum. The combined surveys represent well over 60,000 interviews per annum, giving them unique ability for in depth understanding of the two markets and the ability to understand the link between personal and business banking.
Roy Morgan Research
Roy Morgan Research is Australia’s best known and longest established market research and public opinion survey company.
Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.