Business customers happier with their banks than ever before

Australian business customer satisfaction has reached its highest level since Roy Morgan introduced the Business Single Source survey four years ago, sitting at 69.6% in November 2014 compared to just 61.4% in 2010. 

Roy Morgan communications director Norman Morris said the results indicated banks have obviously been making a concerted effort to improve customer satisfaction over a number of years, “resulting in considerable gains in satisfaction among both business and personal customers.”

However while business bank satisfaction is up, it still remains below the satisfaction level of personal customers, which currently sits at 82.8%, up by 6.5% points from 2010.

Morgan explained a major issue now is to improve the satisfaction levels among business customers and close the gap with personal customers.

Of the Big Four, Westpac maintained the top position for business satisfaction at 71.6%, followed by NAB on 69.6%, CBA 66.2% and ANZ 62.3%. However, overall the Big Four lagged significantly behind smaller institutions, which obtained a healthier business banking satisfaction level averaging 72.2%.

Morgan said, “the market leaders in satisfaction among both consumers and businesses are the banks outside of the Big Four and they should become the yardstick by which the majors measure themselves.”

“The Big Four banks have generally focused on how they rate against each other but this analysis shows the need for more focus on how they compare with the other banks."

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