Business customers still happy with the Big Four banks.

Monday 17 December 2012

Article by Mozo

Business banking customers say they are still happy with the Big Four banks, despite their choice not to pass on full interest rates cuts on home loans and other products.

NAB, Commonwealth Bank, Westpac and the ANZ are still held in the same regard as they were this time last year by their business customers, according to DBM Consultants Business Financial Services Monitor's monthly report.

Westpac held the number one position at the end of November with a median satisfaction of 7.4 out of 10, down just 0.1 from November 2011. The Commonwealth bank has the exact same rating as last year at 7.3 points. The only one of the Big Four to improve its rating was the National Australia Bank, up 0.1 to 7.0 points. Interestingly, ANZ who have received much criticism over the timing of its interest rate decisions, still has a 7.0 satisfaction rating, down just 0.1 points.

This is despite the Big Four banks making rate cuts between 1.29 and 1.47 percentage points since November 2011, compared to the RBA's 1.75 percentage point cut.

According to DBM managing director Dhruba Gupta "The fact that the banks were able to maintain their ratings in a tough year was testament to their resilience when they received a lot of quite negative publicity." 

Although the Big Four banks have maintained their satisfaction rating around 7.0 points, those who expect more from their bank should compare their personal finance products such as home loans across the board, where often the direct banks and online providers can have significantly better interest rates and higher overall customer satisfaction levels. 

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