Westpac tops big four on business banking satisfaction

bank

7 May 2015
| By Jassmyn |
image
image
expand image

Business banking customer satisfaction levels have dropped 2.9 per cent over the last six months compared with personal customer satisfaction levels increasing by 0.5 per cent, according to a Roy Morgan survey.

The survey found the satisfaction level of each major bank's business customers was much lower than that of their personal customers. Overall, business banking customers had a satisfaction level of 66.1 per cent and personal customers at 82.9 per cent.

Westpac led the big four pack in terms of business customers at 67.4 per cent and Commonwealth Bank led personal customer satisfaction at 82.5 per cent.

"Only around one in five business customers are very satisfied with their bank, compared with approximately one in three personal customers — which is also a low level," Roy Morgan's industry communications director, Norman Morris, said.

"Low levels of very satisfied business customers will not only be likely to impact on business growth and customer retention, but have the potential to negatively influence personal customer satisfaction and advocacy levels."

Morris noted that there is a very close connection between the personal bank and business bank used by small business owners.

Business customers of the big four who were ‘very satisfied' had around a 90 per cent rate of ‘high likely' to recommend their bank to others. The ‘highly likely' to recommend best performer Westpac was at 97.9 per cent, followed by ANZ (93.9 per cent), NAB (90.9 per cent).

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 4 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

5 days 16 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

4 days 20 hours ago