Achieving advertising and marketing cut-through among small to medium enterprises (SMEs) continues to be a hard task for financial service providers in Australia.
Aside from Westpac and ANZ, who dominate Cash Management and International Transaction Banking mind share standings respectively, most other banks fail to register first name brand recall above 20 percent among small businesses.
However, despite notching comparatively low share of mind, CBA has quietly amassed significant primary transaction banking market share growth in the SME segment. Should current year-on-year trends continue, East & Partners’ research forecasts that the bank will surpass NAB as the leading provider for primary relationships within two years.
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