(20 August 2009 – Australia) The current level of uncertainty associated with the global and domestic economies is having a tangible effect on the behaviour of business banking customers, according to East & Partners’ latest Business Banking Customer Satisfaction Monitor (BBCSM).In the latest BBCSM, the number of business customers that are unsure whether
they intend to buy more bank products in the next 3 to 6 months has leapt from
23.5 percent in December 2007 to 47.7 percent in the July 2009 report.
Over the same period, business customers have become equally unsure as to
whether they will switch any of their business to another provider. Back in
December 2007, a mere 11.3 percent of business customers indicated that they
were unsure about their switching intentions. However, in the latest BBCSM, this
figure has shot up almost three times with 30.0 percent of customers now unsure
about their switching intentions.
“The last eighteen months has rocked the confidence of business customers,
making them more cautious. While, generally speaking, we are seeing more
positive sentiment, the global financial crisis has put businesses on their
guard,” said Robert Morgan, East & Partners’ head of market analysis.
“This is clearly translating into an increased level of uncertainty as the
debate continues as to where the economy goes from here. However, this air of
indecision does provide a significant opportunity for the banks to get closer to
their business customers and take a more advisory role,” Mr Morgan concluded.
The market average business banking satisfaction rating, for July 2009, was 4.73
(out of 10), a decrease from last month’s score of 4.85. The fall is the
eleventh consecutive monthly decrease in overall satisfaction.
Of the Big Four, no bank saw an increase in satisfaction this month, with ANZ
taking the biggest hit. NAB maintains the top Big Four satisfaction rating, with
a score of 6.50 this month.
In fact, there were no banks that managed to increase 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 6.51.
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