Business customers are seeing a higher level of satisfaction with their banks, according to a Roy Morgan Business Research Business Single Source survey.
The findings, based on a sampling of 12,000 interviews per annum, revealed that customers of the four major banks have seen a 0.6 per cent rise in satisfaction over the last month and an increase of 2.5 per cent since August 2013.
67.3 per cent of business customers expressed that they were happy with their banks, the highest level since 2010.
Westpac saw the biggest increase in business customer satisfaction levels, leading the big four with 72.3 per cent. NAB followed with 67.3 per cent, ANZ with 65.4 percent and CBA coming in with 64.6 per cent.
While Westpac, NAB and ANZ had increases in customer satisfaction levels, Bendigo Bank continues to be the overall market front-runner, in front with 85.2 per cent.
Norman Morris, Industry Communications Director at Roy Morgan Research, tells Dynamic Business that while these numbers are positive, they still need to be looked at in the context of consumer satisfaction levels.
“[Banks] are only up by a weak position, so obviously they’re trying a lot harder to please their business customers. But this should still be seen in relativity with consumers, who are obviously seen as safer and easier to deal with,” Morris said.
The Roy Morgan Consumer Banking Satisfaction Results revealed a record high of 82.2 per cent set in June, 2014.
Business customer loyalty continues to be an issue with the major banks, with only NAB (52 per cent) and CBA (51 per cent) showing a slight majority in customers using just one bank.
Norman Morris suggests that business customers and consumers highly influence each other when it comes to bank loyalty.
“If [a bank] is slipping on business, it will probably slip with consumers,” Morris said. “After all, there are basically around two million small businesses and most of them are similar to individuals. If you’re tired of your bank on the business level, it must impact on you as a consumer.”