The satisfaction level of the business customers of the four major banks reached 65.4% in January 2014, an increase of 1.7% points since January 2013. Westpac has been the top performer among the big four for business customer satisfaction for over two years but the CBA took the lead in December 2013. In January 2014, Westpac (67.3%) has regained the lead from the CBA (67.0%). These two banks remain well ahead of the NAB (62.9%) and ANZ (64.2%). These are the latest findings from the Roy Morgan Research Business Single Source survey.
Over the last year, the ANZ was the biggest improver (up 4.2% points to 64.2%) followed by the CBA (up 3.5% points to 67.0%). The NAB (down 0.4% points to 62.9%) and Westpac (down 0.6% points) showed small declines.
While each of the major four banks is competing for top position among their peers, the market leader, Bendigo Bank, remains well ahead of all four with 81.5% satisfaction.
Business Satisfaction with the Big Four Banks
** 7 months to April 2011.
Source: Roy Morgan Research Business Single Source, January 2014, average 6 monthly sample size: n = 6,730.
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“Although the business customers of the Big Four banks have shown improving satisfaction levels over the last twelve months they remain well behind their personal customers who have an overall satisfaction level of 80.2% compared to only 65.4% for businesses.
“This gap has remained basically unchanged from 12 months ago, most likely due to banks preferring to remain focused on the relatively safer area of consumer banking, particularly home lending.
“One important area where all four major banks are not rating as well as their smaller competitors is for satisfaction with ‘how well they are meeting the business loan needs’, where they average a satisfaction level of only 63.5%. The market leader in this area is Bendigo Bank with 85.7% satisfaction, which is well ahead of the best of the big four, Westpac, with a rating of only 66.8%.
“The biggest area of improvement by the ANZ over the last year was in satisfaction with loans with an increase of 8.8% points, the largest improvement of any major bank. It appears that their announcement last year that they would be making a special effort to improve the funds available to small business may have improved their rating in this area.
“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 continue to rate poorly. The lowest ratings across all major banks were for ‘follows development in my business’, ‘maintaining regular contact with me’ and ‘has a good knowledge of services to meet my needs.’ These are the areas that are important and indicate that businesses feel valued by their bank and they have shown no improvement over the last 12 months.”
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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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