ANZ sharpen business banking customer satisfaction levels.

Tuesday 25 June 2013

Article by Mozo

ANZ is starting to gain ground in business banking customer satisfaction levels, while Commonwealth Bank (CBA) still holds a significant lead over the Big Four banks, according to the latest DBM Consultants Business Financial Services Monitor (BFSM).

ANZ Business banking satisfaction levels.

ANZ has managed to increase its business customer satisfaction levels up to a rating of 7 out of 10, from the 6.8 out of 10 that it scored twelve months ago. The ANZ's increase now has it sitting equal with the NAB on the BFSM.

"It seems that ANZ's out-of-cycle rises are no longer affecting its ratings negatively. The increase in satisfaction could also be linked to ANZ's pledge in April that it will lend $1 billion to small businesses over the next year," said DBM managing director Dhruba Gupta.

"Also, the business market may well react positively to ANZ's decision to cut mortgage rates last month by slightly more than the official reduction," he said.

However, Westpac and the Commonwealth Bank have a siginificant lead over the Big Four banks, with the CBA still leading across all segments.

In the Micro Business segment, businesses turning over up to $1M, survey respondents gave the CBA and Westpac an equal 7.4 out of 10, followed by ANZ 7.0 and NAB 6.9.

For businesses turning over between $1M and $5M, the Small Business category, the CBA scored 7.4, Westpac 7.3, NAB 7.3 and the ANZ 7.0.

Medium-Sized Business put the CBA out in front with 7.7 out of 10, Westpac 7.6, NAB 7.4 and ANZ 7.2

While Large Businesses responded similarly, giving the CBA a 7.7 score out of 10, Westpac 7.4, NAB 7.3 and ANZ 7.1.

Business owners looking for the best bank accounts, loans or credit cards for their business can compare business banking products on Mozo.

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