Small business owners are becoming increasingly frustrated with their banks, particularly the big four banks, according to a Roy Morgan poll.
The average level of satisfaction reported by small business owner customers for Australian banks in the year to September 2009 was 67.9 percent, compared to 73.2 percent for all customers.
For the big four banks, average satisfaction was only 64.8 percent, compared to 75.9 percent for the smaller banks.
According to Roy Morgan Research industry communications director Norman Morris, many of the banks don’t understand the complex demands of their small business customers.
“Banks have generally failed to keep up with the more complex demands of their small business owner customers and all the major banks now have lower satisfaction levels for these customers compared to their overall personal customer base,” he said.
Morris said the banks needed to pay more attention to small business owners.
“These business owners have nearly twice the average value of banking footings than overall customers, have more products (including loans) and are less loyal, so they are certainly a segment that needs more attention if overall customer satisfaction and profits are to be increased.”
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