Business customers 'are unhappy with their banks'
Friday 18 May 2012
Article by Mozo
A greater number of business banking customers are unhappy with the service provided by their lender.
Most small companies are reliant on corporate loans in order to expand, but it seems that many firms are getting a raw deal.
New figures released by Roy Morgan Research have indicated that customer satisfaction has declined for the second consecutive month.
The index showed that 65.1 per cent of respondents were content with their bank in April, which is down from 65.6 per cent in March.
Most entrepreneurs felt their lender did not understand their industry and were unaware about changes that were happening in that particular sector.
Industry communications director at Roy Morgan Research Norman Morris said business satisfaction levels are at an historic low.
"The banks are clearly not delivering on the expectations of business customers who are facing difficult trading conditions and economic uncertainty," he remarked, before adding that many companies are likely to be peeved by strong earnings being reported by Australian banks.
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