The satisfaction level of business customers of the four major banks increased 1.4 per cent since June, reaching 64.8 per cent in September. Personal customer satisfaction level was recorded at 79.7 per cent in September, the highest result in the 18 years of the survey – but unchanged since August.
ANZ improved the most in business banking satisfaction out of the four banks, increasing 3.7 per cent from last month to 63.3 per cent, but experienced a decline in personal banking satisfaction of 0.1 per cent.
In business banking, ANZ overtook NAB, which had a satisfaction level of 61.8 per cent. Westpac is still in the lead in business banking satisfaction at 68.5 per cent, followed by CBA at 65.4 per cent.
CBA remained in the lead for personal customers with a satisfaction rating of 81.4 per cent, followed by Westpac at 79.0 per cent, with both banks increasing their satisfaction rating by 0.3 per cent. NAB came in third at 78.9 per cent, declining by 0.2 per cent, followed by ANZ at 77.9 per cent.
This is in strong contrast to the ranking results of 12 months ago, where NAB was the clear leader in personal banking satisfaction at 80.3 per cent, followed by CBA at 78.5 per cent, Westpac at 75.7 per cent and ANZ at 74 per cent.
Industry communications director at Roy Morgan Research Norman Morris said although there was a substantial gap between the satisfaction of business and personal bank customers, there had generally been positive signs of improvement for ANZ, CBA and Westpac. He said NAB had bucked this trend.
“The improvement by ANZ over the last three months was highest among medium to large businesses (plus 7.7 per cent points), followed by small business (plus 6.2 per cent points) and micro business (plus 3.2 per cent points),” said Mr Morris.
He accounted this improved rating across all business sizes to their announcement earlier in the year that they would improve the funds available to small business.
Mr Morris said one area the four major banks needed further improvement compared with smaller competitors was satisfaction with relationship managers. The four major banks scored a level of only 63.8 per cent in this area, compared with Bendigo Bank with a level of 89.2 per cent.
“Personal contact with a bank and their ability to understand a customer’s business and industry are of importance to business customers, and yet it is an area where banks generally don’t rate well,” he said.
Mr Morris said the major banks need to increase the proportion of customers in the ‘very satisfied group’ for personal banking if their aim is to attract and retain business.
