Banks’ SME focus showing results
(8 October 2008 – Australia) The focus that banks have given SME’s is beginning to show results, with a steady increase in SME sentiment towards their banks in East & Partners’ Business Banking Sentiment Index (BBSI).
The BBSI’s overall sentiment score is a comprehensive combination of businesses’ feelings of empathy, loyalty, satisfaction and advocacy towards their main bank.
Since the start of 2008, the sentiment that small to medium enterprises have shown towards their primary bank has increased consistently.
The main factor driving the increase in sentiment over the first half of 2008 is greater empathy in the relationship that SMEs have with their banks.
There is, however, still more for banks to do in the SME space. Despite the increase, SMEs only provide a low sentiment score with regards to their bank. Out of a possible 100, SMEs gave an average score of 35.5 in the August 2008 index.
East & Partners’ financial markets analyst, Peter Drennan, said "SMEs are still not big advocates of their banks. Banks are now looking to develop and monitor customer advocacy as a key business driver", Mr Drennan added.
Since the start of 2008, the sentiment that small to medium enterprises have shown towards their primary bank has increased consistently.
The main factor driving the increase in sentiment over the first half of 2008 is greater empathy in the relationship that SMEs have with their banks.
There is, however, still more for banks to do in the SME space. Despite the increase, SMEs only provide a low sentiment score with regards to their bank. Out of a possible 100, SMEs gave an average score of 35.5 in the August 2008 index.
East & Partners’ financial markets analyst, Peter Drennan, said "SMEs are still not big advocates of their banks. Banks are now looking to develop and monitor customer advocacy as a key business driver", Mr Drennan added.
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