Regional banks lead on satisfaction

While business customers have become more satisfied with their banks over the past 12 months, regional banks have emerged as the leader in the satisfaction stakes, according to the latest TNS Business Finance Monitor survey.

The survey, released this week, found that in the 12 months to November, 74 per cent of business banking customers were satisfied with their relationship with their main financial institution, and that satisfaction levels had increased by an average of 3.6 per cent when compared to the same period a year earlier.

The survey found that business customer satisfaction with the four major banks increased by an average of 4.2 per cent, and that Westpac’s business customer satisfaction levels had increased significantly, up 6.1 per cent to 72.9 per cent, with the CBA’s level also increasing by a significant 5.9 per cent to 64.3 per cent.

It said among the five major banks, St George business banking customer satisfaction is the highest at 80.2 per cent, an increase of 2.3 per cent over the past 12 months.

Looking at the regional banks, the survey found Bendigo Bank and Bank of Queensland have the highest customer satisfaction levels of any of the banks covered in the report.

In the last 12 months, Bendigo Bank customer satisfaction increased significantly, up 6.3 per cent to 94 per cent, while customer satisfaction levels at Bank of Queensland has increased by 2.8 per cent to 88 per cent.