Friday, March 29th, 2013 - Roy Morgan Research

Westpac’s consistently higher satisfaction among its own business customers is not translating into a strong reputation across the overall business community. 

Westpac’s consistently higher satisfaction among its own business customers is not translating into a strong reputation across the overall business community, the latest Roy Morgan Research Business Survey shows. Reputation scores derive from respondents’ opinions about each bank’s perceived reputation, performance, quality, price competitiveness and value.

Despite leading on satisfaction among the Big 4 banks, Westpac is a consistent underperformer on reputation measures, with the lowest overall score in the group. Westpac’s score of 119.1 is only slightly below ANZ’s 119.5 however the latter also has low business customer satisfaction (60.4% compared to 67.9% for Westpac).

Despite trailing markedly two years ago, the reputations of Commonwealth Bank (122.6) and NAB (121.7) has surpassed their main rivals for much of the past year. Both achieve lower satisfaction scores than Westpac (64.4% and 62.8% respectively in the six months to February 2013).

St George—a Westpac subsidiary—receives a much higher reputation score (121.9) than its parent company. Suncorp has the lowest reputation score (115.6) of the six major business banking brands.

Nigel Smith, Director of Business Research, Roy Morgan Research, says:

“There is currently a disconnect between the high satisfaction of Westpac’s business customers and the low perception of the bank among businesses in general. It does not appear to stem from any one cause, however, as Westpac is generally lower than its major competitors across perceived reputation, quality, price competitiveness and value for money.

“Boosting the bank’s external reputation—while maintaining current business customers’ satisfaction—should be the highest priority for Westpac’s marketing and communications teams.”

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Source: Roy Morgan Business Single Source, rolling three month periods (average n = 3,424). Reputation scores are constructed by subtracting negative responses from positive responses across five measures of bank reputation among all businesses, including: reputation, performance, quality, price competitiveness and value.

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Keywords

Westpac, Business Banking Reputation

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