Big Business opts for support
(16 December 2008 – Australia) In the November 2008 Report into Transaction Banking for the Top 500 businesses in Australia, customer support has overtaken pricing as the biggest influence when it comes to deciding which bank a business will choose.
At 32.6 percent, nearly one in three businesses that changed banks in the last six months did so to receive improved customer support.
This is a considerable change from 18 months ago, when only 20 percent of businesses moved to find better customer support.
Back then, in May 2007, pricing was the primary factor in nearly half of all bank changes due to the search for more competitive pricing. The market for transaction banking has swiftly moved to a service and support focus in recent times.
Pricing, though, is still significant in customer movement with a quarter of all churn in the past six months being put down to a search for better pricing.
East & Partners’ financial markets analyst, Peter Drennan, said "Despite the current tough economic climate, big businesses in the top 500 segment still put a premium on customer service and support".
This is a considerable change from 18 months ago, when only 20 percent of businesses moved to find better customer support.
Back then, in May 2007, pricing was the primary factor in nearly half of all bank changes due to the search for more competitive pricing. The market for transaction banking has swiftly moved to a service and support focus in recent times.
Pricing, though, is still significant in customer movement with a quarter of all churn in the past six months being put down to a search for better pricing.
East & Partners’ financial markets analyst, Peter Drennan, said "Despite the current tough economic climate, big businesses in the top 500 segment still put a premium on customer service and support".
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