Businesses happy with competitors
(6 August 2009 – Australia) The only banks to improve in business sentiment in July are competitors of the Big Four, with competition not just coming from the regional banks, according to the latest East & Partners’ Business Banking Sentiment Index (BBSI).
While recent sentiment towards banks in Australia has hit record lows, there are some banks that are breaking the mould and developing better and more satisfied relationships with their business customers.
Four banks managed an increase in business sentiment in July 2009 with no Big Four banks included.
The first was international bank HSBC, which joined three regional banks that have performed well in the last few months. The regional banks were Bank of Queensland, Suncorp and Westpac-owned St George.
"Once again the closer relationships and competitor position of small players in this tough credit environment is benefiting these banks", East & Partners’ financial markets analyst, Peter Drennan said.
The Sentiment Score is an aggregated rating metric comprising four different measures of customer sentiment – Empathy, Satisfaction, Loyalty and Advocacy.
The overall sentiment score for July 2009 was 36.1 (out of 100), a decrease from last month’s score of 37.1 and the lowest score since the BBSI started in mid 2006.
Of the Big Four, no bank saw an increase in sentiment this month, with ANZ taking the biggest hit. NAB maintains the top Big Four sentiment rating, with a score of 53.7 this month.
The best bank in sentiment is Bank of Queensland. Customers of St George are the most satisfied of any bank in June 2009, with a total score of 75.1.
Each month, East & Partners’ research team conducts telephone interviews with a sample of 750 businesses nationally, providing an in depth study of businesses in the A$1 to 5 million, $5 to 20 million and $20 to 100 million turnover segments across Australia.
Four banks managed an increase in business sentiment in July 2009 with no Big Four banks included.
The first was international bank HSBC, which joined three regional banks that have performed well in the last few months. The regional banks were Bank of Queensland, Suncorp and Westpac-owned St George.
"Once again the closer relationships and competitor position of small players in this tough credit environment is benefiting these banks", East & Partners’ financial markets analyst, Peter Drennan said.
The Sentiment Score is an aggregated rating metric comprising four different measures of customer sentiment – Empathy, Satisfaction, Loyalty and Advocacy.
The overall sentiment score for July 2009 was 36.1 (out of 100), a decrease from last month’s score of 37.1 and the lowest score since the BBSI started in mid 2006.
Of the Big Four, no bank saw an increase in sentiment this month, with ANZ taking the biggest hit. NAB maintains the top Big Four sentiment rating, with a score of 53.7 this month.
The best bank in sentiment is Bank of Queensland. Customers of St George are the most satisfied of any bank in June 2009, with a total score of 75.1.
Each month, East & Partners’ research team conducts telephone interviews with a sample of 750 businesses nationally, providing an in depth study of businesses in the A$1 to 5 million, $5 to 20 million and $20 to 100 million turnover segments across Australia.
Subscribe