Among business operating in Professional Services, the Commonwealth Bank has the highest loyalty between business and personal banking, with 90% of their business customers’ financial decision makers in this sector using the CBA for their personal banking. These are they findings from the March 2013 Roy Morgan Business Survey.
The Commonwealth Bank is the preferred institution for business in the Professional Services sector, accounting for 28%, followed by Westpac (24%), NAB (21%) and ANZ (18%).
Not only is the CBA the leader among the major banks in this sector but it also has the strongest loyalty for the personal banking of the decision makers who run these businesses with 90%, followed by ANZ (84%), Westpac (77%) and NAB (75%).
Source:Roy Morgan Research Business Survey, April 2012 – March 2013, Professional, Scientific and Technical Services Businesses, sample, n = 1,844. Roy Morgan Single Source, April 2012 – March 2013, Finance Decision Makers for Professional Services businesses, n = 699
Nigel Smith, Director of Business Research, Roy Morgan Research, says:
“As our comprehensive view of the personal and business banking of business finance decision makers shows, there is not always a relationship between the finances of businesses in an industry, and the finances of people in charge of those businesses. The CBA has shown that is not only has the highest market penetration amongst businesses in the professional services sector but it has also been able to achieve the strongest link to the personal banking among the financial decision makers of its customers.
“On the other hand the ANZ, in particular, does not appear to be particularly strong in business banking for the Professional Services industry although it has a strong presence in personal finances of those making finance decisions for these types of businesses. They are particularly effective at cross-selling personal banking services to their business decision making customers and rank well ahead of the NAB and Westpac. It’s also the case that these business decision making customers tend to have higher net worth than most other consumers in retail banking and as a result the combined value of their personal and business banking is likely to make them more profitable. Another important consideration is that customers who do both their business and personal banking with the one institution are less likely to switch and as a result are better long term prospects.”
Roy Morgan - B2B
Australia’s leading B2B market research These findings are from the Roy Morgan Business Single Source survey, the most comprehensive B2B research in Australia which interviews over 30,000 business decision makers p.a. The research covers business confidence, telecommunications, banking & finance and business media use which can be analysed by number of employees, annual turnover, head office and operating locations, sources of revenue and financial performance and expectations. Ready Made Research reports include Business Confidence and Business Banking Satisfaction.
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