Relationship manager satisfaction fuelling overall bank satisfaction
Declining satisfaction with relationship managers is hampering overall satisfaction with the four major banks.
According to Roy Morgan director — business research, Nigel Smith, the relationship manager plays a key role in how business customers view their bank and how they stay connected.
In Roy Morgan's business finance survey, Smith said there is a definite link between satisfaction with managers and that of the bank overall.
With the highest proportion among the big four, more than half (52.9 per cent) of National Australia Bank's (NAB's) business customers have a relationship manager compared to 36.1 per cent for Westpac, 34.2 per cent for the ANZ and 28.7 per cent for the Commonwealth Bank.
The use of managers increased greatly depending on business size, with businesses that turned over less than $1 million per annum having the lowest penetration across the banks.
NAB had the highest use of relationship managers for medium businesses ($5-$50 million) at 79 per cent and large businesses ($50 million and up) at 77.3 per cent.
Despite NAB's results, it had the lowest relationship manager satisfaction ratings across the big four for micro, medium and large businesses.
The Commonwealth Bank scored the highest satisfaction rating for medium businesses (75.4 per cent), and ANZ topping the satisfaction poll for large businesses (81.9 per cent).
With Westpac scoring the highest among small business customers (69.9 per cent), Smith said it correlates directly with the bank's highest overall customer satisfaction rating.
Recommended for you
Clime Investment Management has welcomed an independent director to its board, which follows a series of recent appointments at the company.
Ethical investment manager Australian Ethical has cited the ongoing challenging market environment for its modest decrease in assets over the latest quarter.
Commentators have said Australian fund managers are less knowledgeable compared with overseas peers when it comes to expanding their range with ETFs and underestimating the competition from passive strategies.
VanEck is to list two ETFs on the ASX next week, one investing in residential mortgage-backed securities and the other in Indian companies.
