New financial research has shown Australians are more satisfied with Sydney-based banks than Melbourne-based ones.
DBM’s Business Financial Services Monitor indicated whole-of-market business satisfaction with the four major banks at a record 7.2 points for October.
Leading the satisfaction results were Sydney-based banks of Westpac and CBA, with increased ratings of their own.
CBA recorded its highest result ever of 7.3 points, while Westpac continued as the leader in business satisfaction with an all time high record of 7.5 points.
According to DBM managing director Dhruba Gupta the October results cap an impressive year for Westpac.
“It has consistently led its peers in the overall market during 2011, despite CBA challenging strongly and attaining record satisfaction levels of its own.”
The results showed that Melbourne-based banks of ANZ & NAB were unchanged in ratings.
Gupta said that Sydney-based banks are achieving above average results in all the segments of measuring business satisfaction.
“The Sydney-based major banks have opened up a significant and widening gap over their Melbourne-based peers.”