Business customers still satisfied with banks: survey
Despite tumultuous economic conditions, business customers’ satisfaction with their banks has continued on a positive trend, according to a report released today by market research firm TNS communications (TNS).
The TNS Business Finance Monitor data, which has been gathered since 2002, found that in the 12 months to May 79.9 per cent of business banking customers were satisfied with their relationship with their main financial institution, TNS said.
This was an average increase of 7.6 per cent, and 8.5 per cent for the big four major banks, on the same period last year.
Westpac’s new CEO and the bid to take over St George seems to be going down well with business customers, with its customer satisfaction increasing 9.3 per cent over the past 12 months.
Among the four big banks ANZ has had the smallest increase in customer satisfaction, at 5.1 per cent, TNS said.
ANZ has had a difficult year, facing criticism from some sectors of the market because of its involvement with failed securities lender Opes Prime and dealing with the retirement of its CEO of 10 years John McFarlane.
However, TNS noted that of the big four banks ANZ was still the leader in customer satisfaction, with 81.8 per cent of its surveyed customers reporting that they were satisfied with their relationship with the bank.
Of the regional banks, TNS said that Bendigo Bank and the Bank of Queensland have the highest customer satisfaction levels, with 93.7 per cent and 90.9 per cent respectively.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
