(1 October 2009 – Australia) The past twelve months have seen a considerable rise in the number of business customers with a dedicated Relationship Manager/Business Banker (RM), according to East & Partners’ latest Business Banking Customer Satisfaction Monitor (BBCSM).In the August 2009 BBCSM, 71.2 percent of business customers report having an
RM. This is a stark contrast to the beginning of 2008 when fewer than 50 percent
of business customers reported having a dedicated banker. This increase has been
significantly affected by customers of the Big Four banks, who have reported
dramatic increases.
“All the banks, particularly the Big Four, have been keen to advertise the fact
that they have been hiring more RMs and clearly this increased RM presence is
becoming visible to business customers. For some banks, twice as many customers
are reporting having an RM compared to the beginning of last year,” said Robert
Morgan, East & Partners’ head of market analysis.
“However, in order for the banks to see real dividends in their RM deployment
strategy, average RM tenure, particularly amongst SMEs, needs to increase.
Ultimately, only those RMs that display a consistent and clear understanding of
their customer’s business will earn their trust and in turn, more business.” Mr
Morgan concluded.
The market average business banking satisfaction rating, for August 2009, was
4.76 (out of 10), an increase from last month’s score of 4.73. The increase is
the first after eleven consecutive monthly falls in overall satisfaction.
Of the Big Four, CBA, NAB and Westpac saw an increase in satisfaction this
month, with ANZ taking a hit. NAB maintains the top Big Four satisfaction
rating, with a score of 6.54 this month.
In fact, this was a positive month for satisfaction, with all banks but ANZ and
the Internationals increasing their overall business banking customer
satisfaction this month.
The top rating this month in overall satisfaction went to the Regional banks,
with a satisfaction score of 6.58.
About the East & Partners’ Business Banking Customer Satisfaction Monitor
The Business Banking Customer Satisfaction Monitor is based on interviews
conducted each month Australia-wide with a structured sample of 850 companies
turning over A$5-500 million per annum, some 10,200 direct interviews with
business banking customers annually.
For more information, please contact:
Brett Williamson
Chief Operating Officer
East & Partners
t: 02-9004 7848
m: 0403 499 844
e: brett.w@eastandpartners.com