Saturday, July 14th, 2012
Satisfaction among the business customers of the four big banks in June was 63.5%, unchanged from May but slipping further behind the smaller banks who increased satisfaction by 0.4% points to 65.9%. 
These are the latest findings from the Roy Morgan Research Business Banking Satisfaction Report, June 2012.

Among the big four, the CBA increased by 0.6% points over the month, followed by the ANZ (up 0.4% points), Westpac (down 0.6% points) and NAB (down 0.7% points). Over the last year the NAB showed the biggest improvement (up 1.2% points) and the CBA also improved (up 0.7% points). The overall market leader among the big four in June was still Westpac on 66.2%, followed by NAB (64.0%), Commonwealth (62.2%) and ANZ (61.9%). Among the top six banks Suncorp is well ahead of the big four and leads with 69.3%.

Business Banking Satisfaction

Source: Roy Morgan Research Business Survey, June 2010 – June 2012, average 6 month sample n = 6,757. ** 7 months to April 2011.

The major product problem area for the big four banks overall is the low satisfaction for deposit products which suffered a small decline in June to 59.5% (down 0.5% points), most likely due to the reduction in rates by the RBA, Satisfaction with loans is still low (59.9%) but has improved over the last month (up 1.3% points) as a likely result of RBA rate reductions in May and June working their through to business customers.

Two areas that the business customers of all the major banks continue to rate their banks very low on (and as a result are likely to be causing a drag on satisfaction) are “following developments in your industry” and “maintaining regular contact with you”. The ratings given to the performance of “relationship managers / business bankers” is lowest for the NAB (63.2%), CBA (65.9%) and ANZ (66.4%). The much higher rating given by Westpac customers for their “ relationship / business bankers “ of 71.9% is likely to be a major contributing factor to their overall lead in customer satisfaction and the lead they have in all segments.

In the “micro” business segment (turnover less than $1m PA), Westpac remains the leader with 66.3%, followed by the NAB on 64.6%. The NAB has closed the gap considerably to Westpac over the last 12 months having improved by 1.8% points compared to a drop of 1.5% points by Westpac. The CBA currently ranks fourth in this segment (62.0%) which has a major impact on its overall performance in the business market due to the fact that 89% of businesses are in this segment.

In the “small” business segment (turnover $1m - $5m PA), the best performer is Westpac (64.6%) and they lead the CBA (62.7%) and NAB (60.1%). The ANZ is currently performing poorly in this segment (56.7%) due to a 7.5% point decline over the last year. Around 8% of businesses in Australia are in this segment but their value is obviously much greater than this.

For the “medium / large” segment (turnover $ 5m + PA), the clear leader is still Westpac (69.6%), followed by the CBA (66.1%) which has declined by 1.8% points over the last year, the ANZ (64.4%) and the NAB (62.7%).

Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“Satisfaction with banks by their business customers remains well below the level of their personal customers (around 14% points lower) for all the major banks and with over two million business customers this will be impacting negatively on the satisfaction rating given to banks by consumers. The banks are doing a relatively poor job of meeting the more complex and potentially riskier needs of their business customers but an area where they have the greatest potential to increase their business is among their existing customers who don’t consider their bank to be their Main Financial Institution. This group accounts for around one third of the business customer base for most banks but appear to get very little attention as is reflected in their very low average satisfaction score of 57.8% across the four major banks. Improving the relationship with these customers has the greatest potential for business growth compared to trying to obtain new customers.”

Purchase the latest detailed Roy Morgan ‘Business Satisfaction — Business Banking Report in Australia’. The brands in this report include ANZ, Bank of Queensland, Bankwest, Bendigo Bank, Citibank, Commonwealth Bank, Macquarie Bank, National Australia Bank, St George Bank, Suncorp and Westpac.

The Roy Morgan Research Business Survey interviews over 13,000 Businesses per annum covering the full range of industries and business sizes so as to represent all the businesses covered by the ABS. The survey covers all aspects of business finance so as to be comparable with the well established personal finance survey which interviews over 50,000 per annum. The combined surveys represent well over 60,000 interviews per annum, giving them unique ability for in depth understanding of the two markets and the ability to understand the link between personal and business banking.

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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.
Shaun Ellis
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