Saturday, September 14th, 2013 - Roy Morgan Research

Bendigo Bank has pipped specialist agricultural bank, Rabobank, with the most satisfied business customers in the 12 months to December 2012.

While Bendigo Bank only achieved slightly higher satisfaction among its agricultural customers than Rabobank (88.8% against 88.3% respectively), both banks are far above the level of satisfaction achieved by the four major banks over the same period. These are the latest findings from the Roy Morgan Business Single Source survey of over 13,000 businesses per annum of whom 880 are finance decision makers in agricultural businesses.

Over the past two years Rabobank has generally maintained a narrow lead in customer satisfaction over Bendigo Bank among agricultural business customers but in December Bendigo has taken a small lead over its rival. With Bendigo Bank leading on 88.8% satisfaction followed by Rabobank with 88.3%, they are both well clear of their nearest Big Four rival Westpac on 74.0%, followed by NAB (65.7%), ANZ (63.0%) and CBA (60.7%).

Agricultural Business Satisfaction with Banks


Source: Roy Morgan Research Business Survey, May 2010 – December 2012, Businesses in Agriculture. Average 12 month sample, n = 880. Question: "Overall, how satisfied or dissatisfied are you with the business's relationship with each institution?" (5 point scale).Nigel Smith, Director of Business Research, Roy Morgan Research, says:

“The outstanding levels of business customer satisfaction achieved by Bendigo Bank and Rabobank in the Agricultural industry suggest that they have very effective strategies targeted to the specialised needs of this industry.

“Although Bendigo Bank has the highest overall satisfaction, Rabobank is clearly rated above all of its major competitors on ‘having a good understanding of the agricultural industry’ and ‘maintaining an interest in the business through regular contact’.

“Bendigo Bank and Rabobank are both well ahead of the four majors on their customers’ perception of competitive pricing and being more honest and fair to deal with.”

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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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Keywords

Bendigo Bank, Rabobank

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