(21 May 2009 – Australia) Businesses are becoming increasingly dissatisfied with their bank and, for the first time, the market average for satisfaction has fallen below the mid-point according to East & Partners’ latest Business Banking Customer Satisfaction Monitor (BBCSM).The average business banking customer satisfaction rating fell below the
mid-point of five, to 4.96 (where 0 = very dissatisfied and 10 = very
satisfied), in this April 2009 report.
The latest BBCSM also shows that the overall rating for all the banks fell this
month, the first time this has occurred since the BBCSM began. Of the Big Four,
CBA took the biggest hit this month, while market wide, NAB and St George
decreased by the smallest amounts.
“Overall satisfaction is clearly being weighed down by Pricing which, of all the
factors covered in the BBCSM, encountered the biggest drop in satisfaction over
the past month”, Robert Morgan, head of market analysis for East & Partners
said.
“We continue to see tremendous opportunities for Australian banks, in particular
the Big Four, as a result of the reduced competitive landscape in Australia.
However, the subject of pricing continues to be an emotive subject for business
customers and one which the banks need to carefully consider especially in the
context of long term relationships” Mr Morgan added.
The top rating this month in overall satisfaction went to the Regional banks,
with a satisfaction score of 6.65. However, NAB continues to close the gap and
if the current trend is maintained, NAB could well assume the top spot over the
forthcoming months.
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:
Robert Morgan
Head of Market Analysis
East & Partners
t: 02-9004 7848
m: 0404 150939
e: robert.m@eastandpartners.com