Big Four business customer satisfaction edging upwards
The satisfaction levels among business customers of the four major banks reached 66.7 per cent in July 2014, an increase of 2.4 percentage points since July 2013, and the highest level since 2010, according to a report from Roy Morgan Research.Westpac, with 71.4 per cent of its business customers claiming to be "satisfied" with their bank, has retained its top position among the Big Four, well ahead of second-placed NAB (67.1 per cent), ANZ (65.8 per cent) and CBA (63.0 per cent). The results will be contentious in some quarters, no doubt. At CBA's FY 2014 profit results announcements earlier this week, the bank's chief executive Ian Narev made it clear customer satisfaction is a key measure of performance. However, while the chart he provided showed CBA was ranked number one for retail banking by Roy Morgan, in business banking Narev's preferred metric appears to be DBM, which has CBA ranked equal first."Satisfaction among banks' business customers is now at record high levels but still well below the satisfaction level of their personal customers," said Norman Morris, industry communications director at Roy Morgan Research. He added that the overall improvement seen over the last 12 months was 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," Morris said. "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.'"Morris noted that 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.