Westpac endorsed by business customers
Westpac appears to have scored a goal with its business customers, according to new research from Roy Morgan Research, revealing the bank's business customers are more likely to recommend them to another business.
However the same survey has revealed that Westpac runs third behind the Commonwealth Bank and National Australia Bank when it comes to consumers.
The research, covering the six month period to May 2013, found Westpac ranked in first position among the majors with respect to business banking rating a High Advocacy level of 50.2 per cent, significantly ahead of CBA (44.8 per cent), NAB (42.3 per cent) and ANZ (40.4 per cent).
High Advocacy is calculated by considering responses to the question of how likely business customers are to recommend their Main Financial Institution to another business.
In the consumer banking sphere Westpac's High Advocacy levels slipped down to third position among the majors at 49.6 per cent behind CBA (50.2 per cent) and NAB (51.6 per cent) but ahead of the ANZ with 49.4 per cent.
In the case of Consumer Banking, High Advocacy is calculated in a similar way to that of Business Banking, however it is based on the question of how likely customers are to recommend their Main Financial Institution to their friends or colleagues.
After being in first position since October 2012, the NAB is now sitting in second position behind that of the CBA.
Recommended for you
A former licensee director, who failed to report an adviser’s fee-for-no-service conduct, has been banned for three years by ASIC.
Coastal Advice Group chief executive, Daniel Brown, has said the firm has no intention of slowing down, with plans to do as many as 15 acquisitions in the next 12 months.
The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call.
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
