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Small business owners who are customers of big four banks rate them below the overall bank average in terms of customer satisfaction. This is in contrast to the performance of the smaller banks who either equal or exceed the average. These results are from the Roy Morgan Small Business Owners Survey of approximately 3,500 interviews per year in Australia.

In the six months to March 2009, each of the big four banks fell below the average in terms of the satisfaction level amongst their small business owner customers. Westpac (67.5%) and ANZ (67.1%) scored the highest of the big four, followed by the CBA (65.4%) and NAB (56.3%). The overall bank average for small business owner customers, including all the smaller banks, is 68.1%.

The biggest improvers over the last 12 months (March 08 to March 09) amongst the big four were Westpac (+4.8%) and the Commonwealth (+4.4%). The NAB suffered the biggest loss, down 13.0% and the ANZ dropped 4.3%. St George narrowly remains the market leader amongst the major banks (68.1%) although in the last 12 months they have fallen by 7.4%.

Small Business Owner Satisfaction with Major Banks

(Source: Roy Morgan Research July 2003-March 2009)

* Customer Satisfaction ratings are based on the relationship with the financial institution. Customers who have multiple brands within an institution group are regarded as a customer of each brand. Customers must have at least a Deposit/Transaction account relationship with the institution.

The graph shows that the ANZ and St George, which have generally been the market leaders amongst the major banks since 2003, have now been seriously challenged by Westpac and the CBA.

Norman Morris, Industry Communications Director, Roy Morgan Research, says:

“The result of this Roy Morgan survey clearly shows that the major banks are not meeting the needs of their small business customers as well as the small banks are in these difficult times. The major challenge for all banks in this market will be to maintain a good relationship with their customers until business conditions improve.

“At the present time the fact that the four major banks are only averaging a satisfaction level of 64.4% for small business owners compared to 77.8% for all other banks shows that they have considerable ground to make up if they are to maintain customer loyalty when conditions improve.”

For a detailed “Roy Morgan Business Owner Bank Satisfaction Report” — visit the Roy Morgan Online Store: https://store.roymorgan.com/finance-customer-satisfaction/

For comments or further detail, please contact:

Norman Morris, Industry Communications Director

Email: Norman.Morris@roymorgan.com - Telephone: +61 (03) 9224 5172

About Roy Morgan Research:

Roy Morgan Research is the largest independent Australian research company, with offices in each state of Australia, as well as in the United States, United Kingdom, New Zealand and Indonesia. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan Research has more than 65 years experience in collecting objective, independent information on consumers.

In Australia, Roy Morgan Research is considered to be the authoritative source of information on print media measurement, financial behaviour, voting intention and consumer confidence. Roy Morgan Research is a specialist in recontact customised surveys which provide invaluable and effective qualitative and quantitative information regarding customers and target markets. 

The Roy Morgan Business Owner Satisfaction Monitor has been tracking the satisfaction level of small business owners with their banks for over 5 years. Each year a sample of approximately 3,500 small business owners are interviewed face to face regarding their level of satisfaction with the financial institutions they deal with.

Margin of Error

The following table gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.

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