The Big Four banks have reached their highest level of satisfaction among medium businesses, while large business satisfaction with the banks also at an all-time high, according to DBM Consultants’ Business Financial Services Monitor.
Three of the four banks enjoyed satisfaction among medium businesses (turnover of $5 million to $50 million) in June to equal their highest ever rating among this group – ANZ up from 7.1 to 7.4, and National Australia Bank (NAB) and Westpac both improving by 0.1 point to 7.6 and 7.7 respectively. The Commonwealth Bank (CBA) stood at 7.8.
Among large businesses the average satisfaction rating across the Big Four was 7.8, with the CBA ranked first with a score of 8.3, while NAB scored 7.9 and ANZ 7.8, their highest ever ratings.
Among small businesses with turnover between $1 million and $5 million, Westpac climbed from 7.3 to 7.6 over the past month, while CBA and NAB stood at 7.2.
However satisfaction of the Big Four among micro businesses with turnover of less than $1 million slid to its lowest since July 2012 (seven), with the Commonwealth Bank and Westpac (7.1) just ahead of NAB (seven) and ANZ (6.9).
DBM account director, Tim Honcoop, said: “These Micro businesses may be small in size,” said Mr Honcoop “but there are around 1.8 million of them in Australia, and most of them bank with one of the majors, so they do need to feel the love from them”.
“We know from our research that the Big 4 are doing many things right in their eyes, but that these Micros have higher levels of expectation these days. This is potentially why their ratings are lower than they have been over the past couple of years.”
CBA, (7.2), Westpac (7.2) and NAB (seven) were all ranked joint first across Australia as a whole.
