Business banking satisfaction hits four-year high

by Adam Smith15 Aug 2014
Business satisfaction with the majors has hits its highest point in four years.

The Roy Morgan Research Business Banking Satisfaction survey has found business customers are more satisfied with the service they're receiving from the big four. Satisfaction reached 66.7% in July, a rise of 2.4% since July 2013 and the highest level since 2010.

Westpac has led the big four in satisfaction at 71.4%, well outpacing second-place NAB at 67.1%. ANZ saw a 65.8% satisfaction level among business customers, while CBA trails its major bank rivals at 63%.

While Westpac may have pipped the other majors, ANZ saw the biggest improvement in satisfaction over the year, up 4.3% from last year. NAB and Westpac followed, with each seeing a 4% rise. Commonwealth Bank saw business satisfaction deteriorate by 2% over the year.

Roy Morgan communications director Norman Morris said in spite of the record high level of business banking satisfaction, banks were still lagging compared to satisfaction levels among personal banking customers.

"An area still in need of improvement by banks is that they continue to be seen as lacking empathy with their business customers who require more attention and understanding," he said.