Anti-big bank sentiment abating
The strong negative impact of the Hayne royal commission on bank customer satisfaction appears to be abating. Business banking customers are learning to forgive.DBM Consultants has reported a recovery in sentiment in its latest Business Financial Services Monitor, which measures business banking customer satisfaction with the big banks.DBM says satisfaction fell to its lowest level in February, when the overall satisfaction level was 6.9 (out of 10). In the latest survey, taken in June, satisfaction is back to 7.1.The peak of satisfaction was 7.4, recorded in January 2015.DBM's banking research director Tim Honcoop said negative sentiment towards the banks was greatest in the micro and small business sectors. Micro businesses (with turnover of less than A$1 million a year) drove satisfaction scores down and sentiment has only recovered a little since then.Small business (turnover of $1 million to $5 million) sentiment fell in late 2018 but has been recovering this year.Medium business ($5 million to $50 million) sentiment remained high last year and is still close to the record high set in 2016.Big business ($50 million plus) sentiment hit a record high in November, although it has come off a little since then.Among the banks, Westpac has the highest overall score of 7.4, followed by NAB (7.2), Commonwealth Bank (7.0) and ANZ (6.7).Westpac's scores highest with micro, small and medium businesses, while CBA has the highest rating among big businesses.