Bendigo Bank remains most popular business lender
Article by Mozo
Bendigo Bank is still the most popular business lender in Australia, although its overall satisfaction rating fell slightly in September.
Roy Morgan Research has published its latest Business Banking Satisfaction report, which highlights the institutions that are currently in vogue among Aussie companies and those that are not.
Bendigo Bank posted a score of 80.7 per cent during the month – down by 1.5 per cent on the previous survey.
Despite the dip, it was still quite some way ahead of the country's "big four", who recorded an average rating of just 64 per cent between them.
Of the leading banks, Westpac customers were found to be the happiest (67.2 per cent), followed by Commonwealth Bank (64.2 per cent), National Australia Bank (NAB) (62.6 per cent) and ANZ (61.8 per cent).
The study also discovered that Suncorp has continued to improve its reputation among business customers, as its satisfaction rating went up to 72.2 per cent.
Industry communications director at Roy Morgan Research Norman Morris said Bendigo Bank customers were also more likely to be "very satisfied" with the service they are receiving.
"Bendigo Bank and Suncorp have set the bar fairly high, throwing out a challenge to the four major banks to achieve much higher levels of satisfaction with their business banking customers," he remarked.
In the past, a lot of people with business loans have bemoaned a lack of communication with their lender and some felt that their bank did not understand the industry they were operating in.
Mr Morris said the fact that Bendigo Bank and Suncorp - which both have a strong regional bias – are so popular suggests they have formed a strong affinity with their customers.
However, it seems the larger, more established lenders are catching up and the likes of NAB have been particularly keen to enhance their corporate banking offerings.
Bosses at the organisation revealed earlier this month that the firm would launch a number of cutting-edge payment options that would make banking far more convenient for business customers.
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