BoQ rates best with businesses
(15 July 2008 - Australia) For the first time, Bank of Queensland has been rated higher than any other bank in the latest East & Partners’ monthly Business Banking Sentiment Index (BBSI), unseating perennial leaders, St George.
The result for May 2008 shows that Bank of Queensland customers have the
greatest positive feeling towards their bank compared with customers of any bank
in the business banking market.
The BBSI is a comprehensive look at the customers’ feelings of empathy, loyalty, satisfaction and advocacy towards their main bank.
Bank of Queensland achieved an overall sentiment score of 60.9 out of a possible 100. St George’s score was down to 59.5 in May, which is the third consecutive decrease for the bank.
While St George has been at the top of this rating since the inception of the BBSI report in June 2006, strong long term gains by Bank of Queensland and a drop in the sentiment shown by St George customers over the past three months, have brought about the change in market leader.
East & Partners’ financial markets analyst, Peter Drennan, said "The latest results clearly show the ongoing effort that Bank of Queensland is putting into the relationships with its business banking customers."
"This has developed into relationships where customers are loyal to their bank and are more willing to tell other businesses about their experience", he added.
Of the other banks in this segment only NAB and HSBC achieve a sentiment score above the market average of 42.3, with scores of 54.6 and 57.6 respectively. The total market sentiment of businesses with turnover $1 to 100 million was down slightly this month from 42.4.
While St George has slipped from top spot overall, the bank still holds the top position in two factors. St George customers are the most satisfied and have the greatest amount of empathy towards their bank.
About East & Partners' Business Banking Sentiment Index
The East & Partners’ Business Banking Sentiment Index is a monthly survey of business customer sentiment towards banks, providing a monitor of customer satisfaction, loyalty, advocacy and empathy towards business banks. Each month East & Partners’ research team conducts telephone interviews with a sample of 750 businesses nationally, turning over A$1 to 100 million per annum, comprising:
For more information please contact:
Tanya Glazer
Marketing Communications
East & Partners
t: 02-9004 7848
m: 0404 474 446
e: tanya.g@eastandpartners.com
The BBSI is a comprehensive look at the customers’ feelings of empathy, loyalty, satisfaction and advocacy towards their main bank.
Bank of Queensland achieved an overall sentiment score of 60.9 out of a possible 100. St George’s score was down to 59.5 in May, which is the third consecutive decrease for the bank.
While St George has been at the top of this rating since the inception of the BBSI report in June 2006, strong long term gains by Bank of Queensland and a drop in the sentiment shown by St George customers over the past three months, have brought about the change in market leader.
East & Partners’ financial markets analyst, Peter Drennan, said "The latest results clearly show the ongoing effort that Bank of Queensland is putting into the relationships with its business banking customers."
"This has developed into relationships where customers are loyal to their bank and are more willing to tell other businesses about their experience", he added.
Of the other banks in this segment only NAB and HSBC achieve a sentiment score above the market average of 42.3, with scores of 54.6 and 57.6 respectively. The total market sentiment of businesses with turnover $1 to 100 million was down slightly this month from 42.4.
While St George has slipped from top spot overall, the bank still holds the top position in two factors. St George customers are the most satisfied and have the greatest amount of empathy towards their bank.
About East & Partners' Business Banking Sentiment Index
The East & Partners’ Business Banking Sentiment Index is a monthly survey of business customer sentiment towards banks, providing a monitor of customer satisfaction, loyalty, advocacy and empathy towards business banks. Each month East & Partners’ research team conducts telephone interviews with a sample of 750 businesses nationally, turning over A$1 to 100 million per annum, comprising:
| • | Micro Business | 190 | A$1 - 5 million turnover enterprises |
| • | SME | 280 | A$5 - 20 million turnover enterprises |
| • | Lower Commercial | 280 | A$20 - 100 million turnover enterprises |
For more information please contact:
Tanya Glazer
Marketing Communications
East & Partners
t: 02-9004 7848
m: 0404 474 446
e: tanya.g@eastandpartners.com
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