Big four experiences improvement in satisfaction rates among SMEs

by Duffie Osental25 Feb 2021

The satisfaction rate among SME owners for the country’s four largest banks has improved significantly over the last year, according to new study from Roy Morgan.

Figures from the research firm showed that satisfaction among small business owners for the big four was at 71.2% in the 12 months to January 2021, an increase of 3.4% points from a year ago.

Satisfaction increased for Commonwealth Bank by 3% points to 73.6% – the highest small business owner banking satisfaction among the big four.

Meanwhile, Westpac maintained the second highest small business owner banking satisfaction at 70.5%.

And the largest increases in satisfaction were for ANZ, which increased 8% points to 69.7%, and NAB, which was up 3.2% points from a year ago to 69.3%.

According to Roy Morgan, satisfaction rates increased “despite tremendous stresses put on the Australian economy, as well as the banking and financial industry, during 2020, as a nationwide shutdown in March and April was followed by a near four-month long lockdown in Victoria from early July to late October.”

Michele Levine, chief executive officer of Roy Morgan, said the big four “have performed exceptionally for their customers during the last year, and this is reflected in the latest business owner banking satisfaction showing increased satisfaction for the big four banks as a whole.”

Levine warned, however, that the withdrawal of government stimulus – particularly the JobKeeper wage subsidy – from the economy will place added pressure on businesses that have endured a tough year since the COVID-19 pandemic began.

“The challenge for banking and financial institutions lies in dealing proactively with businesses that may well run into trouble without the JobKeeper wage subsidy,” said Levine.