The satisfaction with the business customers of the Big Fours banks declined by only 0.1% point in November to 64.5% but this put them further behind the satisfaction level of their personal customers.
The satisfaction with the business customers of the Big Fours banks declined by only 0.1% point in November to 64.5% but this put them further behind the satisfaction level of their personal customers which showed a further improvement of 0.4% to 78.4%.
These are the latest findings from the Roy Morgan Research Consumer and Business Banking Satisfaction Surveys which have the unique ability to compare both markets on the same metric.
In November only two of the Big Four banks showed an increase in business customer satisfaction, with the ANZ and the NAB both up by 0.4% points.
The clear leader in business banking satisfaction among the Big Four is still Westpac on 67.5%, followed by CBA on 65.0%. Westpac showed some weakness in November dropping by 1.2% points. Westpac’s main strength is in the Micro (annual turnover less than $1m) and Small (annual turnover $1m - $5m) but it runs a very close second to the CBA in the Medium/Large segment (annual turnover $5m+).
The NAB has the biggest gap between the satisfaction level of it’s personal banking customers (80.5%) and it’s business customers (63.1%). The NAB ranks low with business customers regarding the satisfaction level of ‘Relationship manager/business banker’ with only 59% satisfaction compared to 73.7% for Westpac. It is also below average satisfaction in most product areas.
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“The five reductions in the official cash rate in the 12 months to November appear to have had only a negligible impact on business customer satisfaction with an increase over the period of only 0.8% points. It is difficult to say whether this is a result of the size of the interest rate which was passed on by banks or other factors.
“Business customers continue to rate very poorly their banks ability to maintain regular contact and show a real interest in their customers industry. This particularly applies to the Micro business customers of all the major banks who consider that their banks focus on the larger customers. Relationship managers obviously play an important role in interfacing with the bank but satisfaction with them has declined over the last 12 months. Improvements in this area would be likely to have a major positive impact on customer satisfaction.
“The big gap between satisfaction levels of the major banks personal and business customers is probably an indication that in this uncertain economic environment more focus is on the relative safety of the personal bank customers at the expense of the perceived higher risk business customers.”
Roy Morgan Research
Roy Morgan Research is the largest independent Australian research company, with offices in each state of Australia, as well as in New Zealand, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan Research has over 70 years’ experience in collecting objective, independent information on consumers.
In Australia, Roy Morgan Research is considered to be the authoritative source of information on financial behaviour, readership, voting intentions and consumer confidence. Roy Morgan Research is a specialist in recontact customised surveys which provide invaluable and effective qualitative and quantitative information regarding customers and target markets.
P: +61 3 9224 5209