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Business satisfaction with Big Four banks highest in four years, Westpac the clear leader

Source: Roy Morgan Research Business Single Source, July 2014, average 6 monthly sample size: n = 6,451.
The satisfaction level of the business customers of the four major banks reached 66.7% in July 2014, an increase of 2.4% points since July 2013, and the highest level since 2010. Westpac has retained its top position among the Big Four for business customer satisfaction with 71.4%, well ahead of second-placed NAB on 67.1%, ANZ with 65.8% and CBA at 63.0%. These are the latest findings from the Roy Morgan Research Business Single Source survey.

Business customer satisfaction improving

Over the last year, the ANZ was the biggest improver (up 4.3% points to 65.8%) followed by the NAB (up 4.0% points to 67.1%), Westpac (up 4.0% points to 71.4%) and the CBA, which was down 2.0% points to 63.0%.

While each of the major four banks is competing for top position among their peers, the market leader, Bendigo Bank, remains well ahead of all four with 82.0% satisfaction. 

Business Satisfaction with the Big Four Banks

Source: Roy Morgan Research Business Single Source, July 2014, average 6 monthly sample size: n = 6,451.

Business satisfaction with major products improving

Businesses are showing improved satisfaction levels for Transaction/Deposit Accounts, Loans and Relationship Managers/Business Bankers over the last 12 months, which is obviously having an impact on the improvement in overall satisfaction levels. Westpac has the highest satisfaction level of the Big Four for the three areas shown, in line with its top ranking seen earlier. The CBA scores lowest for loans (58.8%) and relationship managers (63.1%), and the ANZ (62.0%) has the lowest rating for transaction/deposit accounts.

Business Satisfaction with Accounts, Loans and Relationship Managers

Source: Roy Morgan Research Business Single Source, January 2014–July 2014, n=3,693

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

“Satisfaction among banks’ business customers is now at record high levels but still well below the satisfaction level of their personal customers. The overall improvement seen over the last 12 months has been partly a result of improvement in satisfaction in most major product areas and also with relationship managers.

“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. This is evidenced by the fact that these customers rate their banks very poorly on ‘maintaining regular contact’, ‘following developments in the industry’ and having a ‘good understanding of their business.’  

“It is encouraging to see that the satisfaction rating given to relationship managers is improving and as a result we would expect to see this having an impact on improving overall satisfaction levels with business customers.”

Click here for more information on the Australian Business Banking Satisfaction Monthly Report.

Click here for more information on the Australian Consumer Banking Satisfaction Monthly Report.

Click here for more information on the Australian Business Confidence – Detailed Monthly Report.

Click here for more information on the Australian Consumer Confidence – Detailed Monthly Report.

For comments or more information please contact:

Norman Morris,  Industry Communications Director
Office: +61 (3) 9224 5172
Mobile: +61 402 014 474
Norman.Morris@roymorgan.com

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About the Roy Morgan Research Business Single Source

These findings are from the Roy Morgan Business Single Source survey, the most comprehensive B2B research in Australia which interviews over 12,000 business decision makers per annum. The research covers business confidence, telecommunications, banking & finance and business media use which can be analysed by number of employees, annual turnover, head office and operating locations, sources of revenue and financial performance and expectations.

About Roy Morgan Research Consumer Single Source

Roy Morgan Single Source is based on over 50,000 interviews each year and has been designed and engineered to represent the ideal source model. It provides an integrated understanding of consumers; what they are like, what they consume, what they buy, what they think, what they want, what they watch, read and listen to. The overriding benefit of Roy Morgan Single Source is the strategic insights it offers in the ability to link many aspects. Not only can an organisation’s profitable customers be delineated by what they think, do, watch, but so can non customers. Hence brand positioning, product differentiation, merchandising, efficient media planning, market expansion and line extension opportunities can all be considered in the light of the correct understanding of the marketplace.

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 New Zealand, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan Research has over 70 years’ experience in collecting objective, independent information on consumers.

In Australia, Roy Morgan Research is considered to be the authoritative source of information on financial behaviour, readership, voting intentions 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.

Margin of Error

The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error 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.

Sample Size

Percentage Estimate

40%-60%

25% or 75%

10% or 90%

5% or 95%

5,000

±1.4

±1.2

±0.8

±0.6

7,500

±1.1

±1.0

±0.7

±0.5

10,000

±1.0

±0.9

±0.6

±0.4

20,000

±0.7

±0.6

±0.4

±0.3

50,000

±0.4

±0.4

±0.3

±0.2