Business customers unimpressed with majors

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Business customers’ satisfaction with banks remained unchanged in October at 64.9%, according to the Roy Morgan Research Consumer and Business Banking Satisfaction Survey.

These results place business clients’ satisfaction rates dramatically behind the 80% satisfaction (up 0.6%) experienced by personal customers.

ANZ fared the worst out of the big four among business customers, with just 62% of customers describing themselves as “very” or “fairly” satisfied.

Meanwhile NAB barely stepped above the competition with 62.7% "very" or "fairly" satisfied, while Westpac and CBA scored 68.7% and 65.1% respectively.

Westpac showed its main strength to be in the micro (annual turnover less than $1m) and small (annual turnover $1m - $5m) business markets, but still came in second to CBA in the medium/large segment (annual turnover $5m+).

Credit unions, mutual banks and building societies, on the other hand, have recorded outstanding customer satisfaction results, according to the same data source.

The latest results show a considerable gap between customer-owned institutions and the major banks.

The Roy Morgan analysis found that for main financial institution, the 'mutual sector' (92.1%), and 'mutual banks' (93.2%) outperform the 'major four banks' (80.3%).

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