Business customers continue to turn to smaller banks

By Mozo ·

Australia's big four banks continue to fall further behind their smaller rivals when it comes to keeping their corporate customers happy, new research suggests.

Findings from Roy Morgan Research show customer satisfaction levels among those using business banking services from the country's major financial institutions remained the same in June compared with May.

However, they need only cast an eye towards their lower-key counterparts for an example of how to get it right, as the smaller banks improved their satisfaction ratings by 0.4 per cent to 65.9 per cent.

Norman Morris, industry communications director at the research body, explained that attempting to appease existing business customers should be a priority for the big four.

"Improving the relationship with these customers has the greatest potential for business growth compared to trying to obtain new customers," he stated.

The findings come shortly after it was revealed by the Australian Prudential Regulation Authority that business lending to non-financial organisations in Australia rose by 7.2 per cent in May year-on-year.

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