Westpac leads in Big Four business banking satisfaction.
Article by Mozo
Roy Morgan's recent Business Banking Report shows that Westpac have edged further ahead of the Big Four with business banking customer satisfaction.
The report based upon surveys with business decision makers found that Westpac has extended it's lead on business customer satisfaction up to 67.9 percent for January 2013, a lead it has held since August 2011. The Commonwealth Bank followed in second place with 63.5 percent. Westpac was also the only bank to increase it's business customer satisfaction, up from 67.7 percent in December, with the remainder of the Big Four banks all slipping in their ratings. However, the Big Four still lag behind their counterparts in comparison, Bendigo Bank hold a lead of 82.1 percent over all the major banks. Business customers require regular contact and understanding from their banks and this is where the Big Four are behind on their competitors, according to the report.
"The major banks are all continuing to struggle with achieving the satisfaction results that they are seeing from their personal customers. Despite four official reductions in the cash rate over the last twelve months, business customers of all banks are less satisfied than they were a year ago," said Industry Communications Director of Roy Morgan Research, Norman Morris.
In contrast, the Big Four are still at an all time high when it comes to customer satisfaction, holding an overall score of 78.4 percent since December 2012, their highest results since the records began in 1996. The NAB leads the category with 79.8 percent, just 0.1 percent over the Commonwealth Bank.
Business customers unsatisfied with the relationship with their bank or simply seeking better rates should follow the lead of the personal banking community by comparing business bank accounts and switching to a better bank.
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