NAB the MFI leader in business banking

National Australia Bank has the highest proportion of business customers who regard the bank as their main financial institution, according to new research.

Roy Morgan Research asked customers in its business banking customer satisfaction survey to nominate their MFI. Among NAB business customers 69.8 per cent said it was their MFI, compared with 66.8 per cent for Commonwealth Bank customers, 62.9 per cent for Bendigo and Adelaide bank, 60.7 per cent for Westpac, 56.1 per cent for ANZ, 54.8 per cent for St George Bank and 43.1 per cent for Suncorp Bank.

Roy Morgan industry communications director Norman Morris said MFI relationships were important for two reasons: MFI customers reported higher satisfaction levels than non-MFI customers; and MFI customers offered the greatest potential for growth through cross-sell.

NAB's MFI business customers gave the bank a satisfaction rating of 67.4 per cent, while its non-MFI customers gave it a satisfaction rating of 58.5per cent.

Westpac's MFI business customers gave it a satisfaction rating of 73.8 per cent (the highest among the big banks), while its non-MFI customers gave it a rating of 59.7 per cent.

CBA's MFI rating was 68.8 per cent and its non-MFI rating 53.2 per cent. ANZ's MFI rating was 62.4 per cent and its non-MFI rating 58.5 per cent.

Morris said all the big banks were guilty of chasing new business customers rather than improving their relationships with their large groups of non-MFI customers, who tend to feel overlooked by their banks.