Satisfaction scores down... and up
Business customers have reported a steady drop in satisfaction with their banks over the past nine months but, curiously, they are happier with many of the services their banks provide.The latest East & Partners business banking customer satisfaction survey shows satisfaction levels falling every month since hitting a peak in August.But when customers were asked to rate nine "satisfaction factors" separately, seven were given higher ratings and only two lower.Businesses are not happy about the pricing of loans and services and they are dissatisfied with applications and other processes they have to go through.But they recorded high and rising levels of satisfaction when asked about banks' responsiveness and "interest in them as a customer".They reported higher levels of satisfaction when asked to rate their banks on access to advisers and specialists, access to a dedicated banker, the quality of advice and the range of products and services.Bankers might greet these findings by arguing that they are getting a number of things right and they have no right to expect a rising overall satisfaction score during an economic downturn.Or they might wonder why their marketing people can't get the message out about the things they get right.East & Partners head of market analysis Robert Morgan said the result indicated the importance of pricing at the moment.Morgan said: "Lending is key and changes to pricing and loan criteria are weighing heavily on the overall result."There is a disconnect between the Reserve Bank's interest rate policy and the rise in rates for business customers."Commonwealth Bank scored highest for convenience, ANZ for range of product and services, St George for access to a dedicated banker, and National Australia Bank for quality of advice, responsiveness and interest in the customer.When asked to rate the performance of their relationship managers, respondents gave them higher scores for six of the eight factors cited. These included product knowledge, ability to explain, listening, responding promptly, keeping in contact and business knowledge.Relationship managers were marked down for their industry knowledge and for ownership (how well they handle customer inquiries).In the overall satisfaction rankings NAB leads the way with a score of 6.57 (out of 10), down from 6.59 in April. St George has a satisfaction score of 6.28 (down from 6.31), Westpac 4.53 (down from 4.61), ANZ 3.82 (down from 3.91) and Commonwealth 3.65 (down from 3.70).