Westpac tops big four on business banking satisfaction
Business banking customer satisfaction levels have dropped 2.9 per cent over the last six months compared with personal customer satisfaction levels increasing by 0.5 per cent, according to a Roy Morgan survey.
The survey found the satisfaction level of each major bank's business customers was much lower than that of their personal customers. Overall, business banking customers had a satisfaction level of 66.1 per cent and personal customers at 82.9 per cent.
Westpac led the big four pack in terms of business customers at 67.4 per cent and Commonwealth Bank led personal customer satisfaction at 82.5 per cent.
"Only around one in five business customers are very satisfied with their bank, compared with approximately one in three personal customers — which is also a low level," Roy Morgan's industry communications director, Norman Morris, said.
"Low levels of very satisfied business customers will not only be likely to impact on business growth and customer retention, but have the potential to negatively influence personal customer satisfaction and advocacy levels."
Morris noted that there is a very close connection between the personal bank and business bank used by small business owners.
Business customers of the big four who were ‘very satisfied' had around a 90 per cent rate of ‘high likely' to recommend their bank to others. The ‘highly likely' to recommend best performer Westpac was at 97.9 per cent, followed by ANZ (93.9 per cent), NAB (90.9 per cent).
Recommended for you
The ongoing adviser shortage is a key driver behind advisers’ increased use of ETFs and managed accounts, according to an industry expert, fuelled by the need for cost and efficiency savings.
A business consultant believes there is a proven correlation between advice businesses that develop and commit to a clear business plan and those that see higher profit outcomes, but only when done correctly.
Advice technology solution intelliflo has launched an integration with fintech firm FAYBL to introduce AI capabilities across the intelliflo office offering to boost efficiency.
ASIC’s court case with Interprac is causing advisers to explore the possibility of self-licensing, according to My Dealer Services, as they observe the reputational damage it can bring to a practice.
