Banks falter in key areas
(20 November 2008 – Australia) East & Partners’ latest Business Banking Customer Satisfaction Monitor (BBCSM) shows that businesses’ satisfaction with their banks has fallen in areas with increased importance in the current environment.
East’s BBCSM is based on interviews with 850 business customers every month (10,200 annually) turning over between A$5 and 500 million per annum.
Overall, the satisfaction of business banking customers fell in October 2008 to 5.45 (using a scale where 0 is ‘very dissatisfied and 10 is ‘very satisfied’).
Specifically, businesses were less satisfied in three key areas.
Market wide, businesses have become less satisfied with their pricing options, in a market where banks are looking to make up for extra funding costs.
Also, at opposite ends of the service proposition, businesses have become less satisfied with the quality of their bank’s advice and, at an operational level, the quality of paper work.
East & Partners’ financial markets analyst, Peter Drennan, said "businesses of all sizes are confronting difficulties in those areas of banking that go a long way to improving how they do business in a tricky market".
"Finding the right price is increasingly part of a business’ cost-cutting agenda, advice is even more valuable in a risk averse market and paper work can be a barrier to getting down to business", Mr Drennan said.
Overall, the satisfaction of business banking customers fell in October 2008 to 5.45 (using a scale where 0 is ‘very dissatisfied and 10 is ‘very satisfied’).
Specifically, businesses were less satisfied in three key areas.
Market wide, businesses have become less satisfied with their pricing options, in a market where banks are looking to make up for extra funding costs.
Also, at opposite ends of the service proposition, businesses have become less satisfied with the quality of their bank’s advice and, at an operational level, the quality of paper work.
East & Partners’ financial markets analyst, Peter Drennan, said "businesses of all sizes are confronting difficulties in those areas of banking that go a long way to improving how they do business in a tricky market".
"Finding the right price is increasingly part of a business’ cost-cutting agenda, advice is even more valuable in a risk averse market and paper work can be a barrier to getting down to business", Mr Drennan said.
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