Customers dissatisfied with banks
Business customer satisfaction with their banks has dropped over the past six months, with a combined drop of 5.2 per cent in customer satisfaction among the four big banks, to 74.8 per cent, according to a business banking report by TNS Communications.
Westpac has seen the biggest decrease in customer satisfaction in the past six months, dropping 6.4 per cent to 75 per cent, followed by National Australia Bank with a 5.8 per cent drop. All banks have shown decreased levels of satisfaction, with an average drop of 4.8 per cent.
Only the Bank of Queensland has experienced increased satisfaction levels, with a small rise of 1.3 per cent to 92.5 per cent in six months. St George’s satisfaction levels are the highest at 82.3 per cent.
However, satisfaction levels among business banking customers have increased by 3.4 per cent compared to the previous 12-month period, while the four major banks increased their customers’ satisfaction levels by 4.5 per cent compared to the previous 12-month period.
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.
