Business clients at smaller banks are more satisfied with their banking arrangements than clients of larger institutions, a new survey by Roy Morgan has found.
In its latest Business Single Source Survey, the research house found an average of 67.6 per cent of business clients with the big four reported being very or fairly satisfied, compared with 72.2 per cent of business customers of other banks.
Westpac received the most positive response of the big four, with satisfaction levels at 71.6 per cent, followed by NAB on 69.6 per cent, according to the survey.
Satisfaction among CBA business customers was at 66.2 per cent while ANZ recorded levels at 62.3 per cent.
Roy Morgan industry communications director Norman Morris suggested the major banks needed to pay greater heed to their competitors.
“The big four banks have generally focused on how they rate against each other but this analysis shows the need for more focus on how they compare with the other banks,” he said.
“The market leaders in satisfaction among both consumers and businesses are the banks outside of the big four and they should become the yardstick by which the majors measure themselves.”
Overall, the survey showed a steady increase in satisfaction levels of business clients over the past four years, with the average up to 69.6 per cent in November 2014 compared to 61.4 per cent in November 2010.
However, business clients appear less content with their banks than consumer clients, whose satisfaction levels in November 2014 were at 82.8 per cent, the survey showed.
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