Bank customer satisfaction at high levels: Roy Morgan research
The satisfaction level of Australian business banking customers has reached its highest level since the Roy Morgan survey began four years ago.
It is now 69.6%, up from 61.4% in 2010, according to the latest findings from the Roy Morgan Business Single Source survey of around 12,000 interviews with business decision makers and the Roy Morgan Single Source Survey of over 50,000 people per annum.
The big four banks remain below average with satisfaction of 67.6%, compared to other banks with 72.2%.
Of the big four, Westpac maintained top position in November with 71.6%, followed by NAB on 69.6%.
The business customers of banks sentiment remains well below the satisfaction level of personal customers.
Source: Roy Morgan Research Business Banking Satisfaction Report, November 2014. Average 6 month sample n=6,274; Roy Morgan Research Consumer Banking Satisfaction Report November 2014, average 6 month sample n=25,709.
Banks other than the big four are currently the clear leaders in satisfaction for both consumers (86.6%) and businesses (72.2%). For the last four years the smaller banks have maintained a big lead in satisfaction over the big four among consumers but the gap has generally been much closer among business customers.
Westpac business customers have generally had the highest satisfaction levels of the big four banks over the last three years and currently lead with 71.6%, followed by NAB (69.6%), CBA (66.2%) and ANZ (62.3%).
All four of the big banks are below the average satisfaction level of the smaller banks.
Source: Roy Morgan Research Business Banking Satisfaction Report, November 2014. Average 6 month sample n=6,274
Westpac also showed the greatest improvement of the big four banks over the last four years increasing satisfaction among its business customers by 9.7% points (61.9% to 71.6%). The other three majors also showed gains, with NAB up 8.8% points, ANZ up 4.4% points and CBA up 4.3% points.
Norman Morris, the industry communications cirector at Roy Morgan Research says banks have obviously been making a concerted effort to improve customer satisfaction over a number of years.