Commonwealth Bank trumps business banking, again.
Article by Mozo
Commonwealth Bank remains the frontrunner in the latest DBM Consultants' Business Financial Services Monitor (BFSM), making the Commonwealth Bank the undisputed champion of the business bank account world.
According to the latest BFSM report the Commonwealth Bank has risen to the outright leadership position with a satisfaction level rise from 7.6 to 7.7, out of a maximum of 10 points. Westpac took second spot with 7.4, followed by NAB with 7.2 and 7.1 for ANZ.
"The last time CBA wasn't top or equal top in all segments was in October 2011, so one can see what a sustained effort this has taken the bank," said DBM managing director Dhruba Gupta.
Interestingly, the research also found that the cost of borrowing does not necessarily play a large role in business satisfaction. The NAB has held the lowest lending rates of the Big Four banks for the last 46 months but this has not translated into a rise in satisfaction levels.
"NAB's satisfaction levels are still good, but moved up just 0.1 in the past year, the same as Commonwealth Bank and Westpac," said Mr Gupta.
As a reward for the sustained high levels of satisfaction, the Commonwealth Bank will now be passing on a $250 bonus to around 38,000 of its employees.
"Our research shows that the bank achieved excellent levels of satisfaction in many areas, such as service from its staff, its products and the channels through which it services its customers," said Mr Gupta.
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