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
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
Bravura chief executive Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
Financial advice businesses with a younger, wealthier client base are enjoying higher valuations and increased attention from potential buyers than those with older clients.
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
