Customer satisfaction with banks declines
The steady climb in business customer satisfaction with their banks has slowed over the last year despite remaining above the long-term average, according to the TNS Business Finance Monitor (BFM).
The BFM showed 73.4 per cent of business banking customers were satisfied with their main financial institution (MFI) over the past six months, despite all four big banks recording a decrease in satisfaction, down 2.8 per cent to 71 per cent.
ANZ saw the biggest decrease in satisfaction, dropping by 4.5 per cent, yet its levels remain the highest among the big four banks at 73.7 per cent.
Westpac was in second place, recording a 72.5 per cent satisfaction level, followed by the Commonwealth Bank on 70.6 per cent.
The National Australia Bank came in last at 67.8 per cent, with its satisfaction levels decreasing by 3.4 compared with six months ago.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
