Over the last two months (August/September 2013) the business customers of the Big Four banks have had their highest level of customer satisfaction (64.8%) since March 2012. Westpac has had the highest satisfaction of the Big Four (68.5%) since August 2011 when it overtook the ANZ. The CBA is in second place with 65.4%, followed by the ANZ (63.3%) which has now passed the NAB (61.8%).
The ANZ has shown steady improvement since June 2013 and is now at its highest level since April 2012.
Business Satisfaction with the Big Four Banks
** 7 months to April 2011.
Source: Roy Morgan Research Business Single Source, September 2013, average 6 monthly sample size: n = 6,782.
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
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“Although the business customers of the Big Four banks have shown improving satisfaction levels over the last twelve months or so they remain well behind their personal customers who have an overall satisfaction level of 79.7% compared to only 64.8% for businesses.
“Despite this considerable gap in satisfaction levels between the two markets there have generally been positive signs of improvement over the last twelve months from the ANZ, CBA and Westpac. The NAB has gone against this trend and fallen back a little over the same period.
“The improvement by the ANZ over the last three months was highest among medium/large businesses (plus 7.7% points), followed by small business (plus 6.2% points) and micro business (plus 3.2% points). It appears that their announcement earlier in the year that they would be making a special effort to improve the funds available to small business may have improved their rating across all business sizes.
“Satisfaction was also measured across major business products and although the ANZ generally trailed Westpac in most areas, it showed an improved rating across all products over the last three months.
“One important area where all four major banks are not rating as well as their smaller competitors is for satisfaction with ‘relationship managers/business bankers’, where they average a satisfaction level of only 63.8%. The market leader in this area is Bendigo Bank with 89.2% satisfaction with relationship managers.
“Personal contact with a bank and their ability to understand a customer’s business and industry are of importance to business customers and yet it is an area where banks generally don’t rate well.”
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