Business banking customers are still happy with the Big Four banks.
Keeping inline with interest rates is not quite as necessary as previously thought for the Big Four banks to maintain their business banking customer satisfaction, according to the results of the monthly DBM Consultant Business Financial Services Monitor (BFSM).
Through annual interviews with 20,000 business customers, the BFSM measures customer satisfaction levels of the Big Four banks. This years results show that at the end of 2012, the Big Four banks had almost identical scores to the previous year for customer satisfaction, despite choosing to set their own interest rates throughout the year, out of line with the RBA.
Westpac maintained the number one spot with the same customer satisfaction rating of 7.5 points out of 10, as in 2011. Commonwealth Bank got a 0.1 point rise to 7.4, ANZ and NAB both scored an equal 7.0 points. But it was large business customers, those with a turnover of more than $50 million, that were the most satisfied with their banks and the CBA took top spot with a 7.8 out of 10 satisfaction level.
Throughout 2012 the RBA slashed interest rates 1.75 points, where as the Big Four banks chose more moderate cuts of just 1.35 percentage points over the year. Although banks usually fair quite well during times of economic uncertainty, as struggling businesses rely on their banks for funding, there may be another reason why the banks managed the year unscathed. "I think the banks are also realising that a major point of difference for them is customer service and they are putting more resources behind this," said DBM managing director Dhruba Gupta.
Australian businesses should consider comparing business bank accounts, where they could find that pressure on their business could be significantly reduced through choosing a low rate business loan or a low fee, high interest business bank account.
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