Satisfaction in the eye of the researcher
In the problematic field of measuring the "satisfaction" of customers with their banks, Roy Morgan Research has produced some extracts from its own expanded research into the segment which show the bigger banks' ratings are well below those reported for household customers.Data emailed by Norman Morris, industry communications director for Roy Morgan Research, shows that Commonwealth Bank and Westpac have fared best among the big banks, with satisfaction percentages of 61.9 per cent and 60.8 per cent respectively.Roy Morgan Research reports the proportion of each financial institution's customers that are either 'very satisfied' or 'fairly satisfied' with their overall relationship with that financial institution.ANZ, which is the leader amongst the Big Four, with consumer satisfaction of 76.8 per cent, scored a rating of 57.9 per cent with its business customers, placing it in last place among the Big Four.For St George and Suncorp the ratings were 64.0 per cent and 62.4 per cent respectively.The Roy Morgan Research survey has been extended from being merely a subset of its 50,000-strong survey of consumers (capturing owners of smaller businesses) and now covers more than 12,000 businesses per year, including those with a turnover of A$50 million a year and higher.On average, banks scored only a 61.4 per cent business customer satisfaction rate compared with 76.7 per cent for consumers, Morris wrote.Morris wrote that while fees, charges and higher interest rate margins irritate business customers, the topics on which they score their banks lower are to do with the lack of understanding of their industry and their particular business. Lack of regular contact was also a major problem.On the other hand, a separate set of syndicated research into the average satisfaction of business customers provides a different picture.Research by DBM Consultants shows that satisfaction scores have not changed much, despite the barrage of public and political criticism last month.The DBM data does show a small decline for the first time in six months.Dhruba Gupta, managing director of DBM, wrote in an overview of the findings that "we did find clear evidence that negative reaction to the latest interest rate rises was a factor in the lower satisfaction scores. "CBA, which was the first to announce rate rises and was not joined by the other banks for more than a week, fell from sharing equal first ranking with Westpac to sharing second place with ANZ and NAB."""That fall was concentrated in the micro market, where changes in interest rates are more likely to be felt first, and possibly felt more acutely, due to the greater concentration of shorter-term, variable rate lending. "There is no evidence that CBA's rate rise had the same impact on small, medium or large business markets," Mr Gupta said.DBM's research is seeking to distinguish itself from that of Roy Morgan Research, and also of TNS and East & Partners, by dividing the market into more meaningful sectors.On the other hand, the ranking system used by DBM tends to show little divergence between the major banks (which is all that's reported