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:
We have delivered this press release via the Newsmaker media distribution service. If you would like to browse our extensive archive of detailed research findings please visit our website. To stay up-to-date with all our latest research findings you may also join our free weekly newsletter.
“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.”
Roy Morgan Research
Roy Morgan Research is the largest independent Australian research company, with offices in each state of Australia, as well as in New Zealand, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan Research has over 70 years’ experience in collecting objective, independent information on consumers.
In Australia, Roy Morgan Research is considered to be the authoritative source of information on financial behaviour, readership, voting intentions and consumer confidence. Roy Morgan Research is a specialist in recontact customised surveys which provide invaluable and effective qualitative and quantitative information regarding customers and target markets.
P: +61 3 9224 5209