This increased Westpac’s lead over its nearest Big Four competitor, the CBA on 63.5%. These are the latest findings from the Roy Morgan Business Single Source survey which conducts over 30,000 interviews with business decision makers per annum.
Westpac has been the clear market leader of the Big Four Banks for business customer satisfaction since August 2011 when it took the top position away from the ANZ. The ANZ in January 2013 has now slipped to last place among the four majors, with 60.0% satisfaction.
Westpac leads the Big Four in satisfaction among the the “Micro” segment (annual turnover less than $1m) and the “Medium/Large” segment (annual turnover $5m+). The CBA leads Westpac narrowly in the “Small” segment (annual turnover $1m - $5m).
While Westpac performs strongly in most product areas it is well ahead of the other majors in how its customers rate it for satisfaction with “relationship manager/business banker”. This is a major problem area for the ANZ and NAB which both score below average on this. The ANZ also has a problem with low satisfaction with “loans” and the NAB customers are not satisfied with “deposits” and “cards”.
It is interesting to note that over the last 12 months St. George (66.0% satisfied) has slipped back by 6.4 percentage points to now be rated behind Westpac (67.9%). Of the major banks, Bendigo Bank remains the clear leader with 82.1% satisfaction among its business customers.
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“The major banks are all continuing to struggle with achieving the satisfaction results that they are seeing from their personal customers. Despite four official reductions in the cash rate over the last twelve months, business customers of all banks are less satisfied than they were a year ago. By contrast, over the twelve months to December 2012, the personal customers of most banks improved their satisfaction ratings.
“This widening of the gap in satisfaction between business and personal customers is likely to be linked to banks focusing more on the relative safety of the consumer market in more uncertain economic times.
“Business customers also require more regular contact and understanding from their bank and this is an area where they are rated low on.
“There are some early signs in the Roy Morgan Business Confidence Survey conducted in January 2013 that more businesses now consider that the next twelve months would be a good time to invest in growing their business. It will be interesting to see if this translates into increased borrowing and, as a result, an improvement in how banks satisfy their business customers.
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.
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