Despite the drop in the latest month, the satisfaction level of bank business customers is still 3.6% points higher than at this time last year (61.5%), with all of the major banks exhibiting an increase over this period. NAB showed the largest improvement over the last 12 months at 6.3% points closely followed by Westpac at 6.2% points, whilst the leading major bank Suncorp has improved just 0.1% points compared to April 2011.
Business Banking Satisfaction
Source: Roy Morgan Research Business Survey, June 2010 — April 2012, average 6 monthly sample n = 6,754. ** 7 months to April 2011.
The Roy Morgan Business Survey also measures the opinions businesses hold about their bank. One area that the banks are generally rated poorly on is following developments in their customers’ business and understanding their industry. This could be a contributing factor to overall bank satisfaction varying greatly by industry, with 10.6% points separating the satisfaction of businesses in the Agriculture, Forestry and Fishing industry from those in Wholesale Trade.
Business Bank Satisfaction by Industry
Source: Roy Morgan Research Business Survey, 6 months to April 2012, n = 6,748. Industries defined according to 2006 Australian and New Zealand Standard Industry Classification (ANZSIC).
Norman Morris, Industry Communications Director, Roy Morgan Research says:
“Although there was a small increase in Business Confidence for April 2012 reported by Roy Morgan, it is still at historically low levels and varies considerably by industry. With the many recent job losses in the manufacturing and retail sectors, this is clearly a difficult period for businesses operating in these industries and their comparatively low satisfaction highlights the importance of the banks maintaining close relationships with businesses in this economic environment. Banks that are not able to follow changes in their clients’ business and industry leave them dissatisfied and risk losing them to competitors.
“As many Australian industries struggle to cope with the slow economy, it will be interesting to see what effect the strong earnings the major banks announced recently will have upon the satisfaction ratings of their business customers in coming months.”
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.