The satisfaction level of the business customers of the four major banks reached 66.7% in July 2014, an increase of 2.4% points since July 2013, and the highest level since 2010. Westpac has retained its top position among the Big Four for business customer satisfaction with 71.4%, well ahead of second-placed NAB on 67.1%, ANZ with 65.8% and CBA at 63.0%. These are the latest findings from the Roy Morgan Research Business Single Source survey.
Business customer satisfaction improving
Over the last year, the ANZ was the biggest improver (up 4.3% points to 65.8%) followed by the NAB (up 4.0% points to 67.1%), Westpac (up 4.0% points to 71.4%) and the CBA, which was down 2.0% points to 63.0%.
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 82.0% satisfaction.
Business Satisfaction with the Big Four Banks
Source: Roy Morgan Research Business Single Source, July 2014, average 6 monthly sample size: n = 6,451.
Business satisfaction with major products improving
Businesses are showing improved satisfaction levels for Transaction/Deposit Accounts, Loans and Relationship Managers/Business Bankers over the last 12 months, which is obviously having an impact on the improvement in overall satisfaction levels. Westpac has the highest satisfaction level of the Big Four for the three areas shown, in line with its top ranking seen earlier. The CBA scores lowest for loans (58.8%) and relationship managers (63.1%), and the ANZ (62.0%) has the lowest rating for transaction/deposit accounts.
Business Satisfaction with Accounts, Loans and Relationship Managers
Source: Roy Morgan Research Business Single Source, January 2014–July 2014, n=3,693
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“Satisfaction among banks’ business customers is now at record high levels but still well below the satisfaction level of their personal customers. The overall improvement seen over the last 12 months has been partly a result of improvement in satisfaction in most major product areas and also with relationship managers.
“An area still in need of improvement by banks is that they continue to be seen as lacking empathy with their business customers who require more attention and understanding. This is evidenced by the fact that these customers rate their banks very poorly on ‘maintaining regular contact’, ‘following developments in the industry’ and having a ‘good understanding of their business.’
“It is encouraging to see that the satisfaction rating given to relationship managers is improving and as a result we would expect to see this having an impact on improving overall satisfaction levels with business customers.”
Roy Morgan Research
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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