Business not happy with big four banks
Satisfaction among the big four's business customers continued to slip in May after dropping in April for the first time since July 2011.
According to Roy Morgan Research's monthly report for Business Banking in Australia, business customer satisfaction has slipped 0.6% to 63.5% in May, compounding a 0.7% slip in April.
The big four's major problem is business customers' satisfaction with their loan arrangements which have now reduced to 58.6%, the report said.
Business satisfaction was lower for all banks than its personal customer satisfaction, which was approximately 14% higher. Smaller banks also declined in May, reducing by 1.0%.
"It would appear that the banks are doing a relatively poor job of meeting the more complex and potentially riskier needs of their business customers," Roy Morgan stated, noting poor ratings for following developments in the business and maintaining regular contact.
ANZ experienced the sharpest decline, dropping 2.4% in May and 3.5% over the year, while NAB made up the most ground over the year through increasing satisfaction by 3.0% to 64.7%.
Westpac led the market in May at 66.8%, followed by NAB at 64.7 %, Commonwealth Bank at 61.6%, and ANZ with 61.5%.
Westpac also led the pack in the 'micro' business segment at 67%, although NAB closed the gap somewhat over the past 12 months, improving by 2.7% compared to Westpac's 1.2% decline.
The CBA ranked fourth, which Roy Morgan said would greatly affect its business performance as 89% of businesses are in this segment.
However, CBA topped the list in the 'small' business segment, edging out Westpac and NAB. ANZ is still suffering from a 5% decline over the year which, when compared to NAB's improvement, puts them far behind.
Westpac's performance over the year has propelled it into first place among the medium to large segment, followed by ANZ, NAB and CBA.
Recommended for you
The strategic partnership with Oaktree Capital and AZ NGA is likely to pave the way for overseas players looking to enter the Australian financial advice market, according to experts.
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
Increasing revenue per client is a strategic priority for over half of financial advice businesses, a new report has found, with documented processes being a key way to achieving this.
The education provider has encouraged all financial advisers to avoid a “last-minute scramble” in meeting education requirements prior to the 31 December 2025 deadline.
