Banks making it tough for businesses
(15 April 2009 – Australia) Businesses are finding dealings with their banks more and more difficult, as customer contact continues to fall, according to the latest East & Partners’ Business Banking Sentiment Index (BBSI).
Over the six months to March 2009, businesses have said that dealings with their banks are not as easy as they used to be.
The rating for ease of dealings with a business’ primary bank has dropped from 63.0, in August last year, to just 56.9 in March 2009.
East & Partners’, financial markets analyst, Peter Drennan said "the lack of client contact that has emerged over the past six months is causing extra difficulty in the way that businesses deal with their banks".
With difficulty in dealing with their bank and a lack of contact, business’ sentiment has fallen again in March 2009 to an all-time low of 39.0 out of 100.
Sentiment leader Bank of Queensland, as well as NAB and St George, were the only banks to increase sentiment over the last month. BOQ scored 60.4, St George 56.2 while NAB increased to 54.9.
Four measures make up East & Partners’ Business Banking Sentiment Index; Empathy, Satisfaction, Loyalty and Advocacy.
Businesses rate their satisfaction highest among these four measures, but it is advocacy that is the major issue for banks. Businesses are generally not advocates of their banks, with a score of just 28.6 out of 100 in the latest report.
The rating for ease of dealings with a business’ primary bank has dropped from 63.0, in August last year, to just 56.9 in March 2009.
East & Partners’, financial markets analyst, Peter Drennan said "the lack of client contact that has emerged over the past six months is causing extra difficulty in the way that businesses deal with their banks".
With difficulty in dealing with their bank and a lack of contact, business’ sentiment has fallen again in March 2009 to an all-time low of 39.0 out of 100.
Sentiment leader Bank of Queensland, as well as NAB and St George, were the only banks to increase sentiment over the last month. BOQ scored 60.4, St George 56.2 while NAB increased to 54.9.
Four measures make up East & Partners’ Business Banking Sentiment Index; Empathy, Satisfaction, Loyalty and Advocacy.
Businesses rate their satisfaction highest among these four measures, but it is advocacy that is the major issue for banks. Businesses are generally not advocates of their banks, with a score of just 28.6 out of 100 in the latest report.
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