CBA Surges in Australian Asset Finance
(24 November 2022 – Australia) CBA is gaining a lead in asset finance market share, with more small, medium sized businesses and large companies coming to the bank for equipment and vehicle finance, according to an annual industry report by East & Partners.
Commonwealth Bank of Australia (CBA) is set to become the largest primary asset finance provider in the Australian market in 2023, having topped the share of finance for vehicles and equipment by small and medium sized businesses as well as commercial businesses, while significantly increasing its share with corporate customers.
The annual asset finance market report by East & Partners shows that CBA’s relationship share is gaining 7 per cent each year and the bank ranks as the “most recalled brand”, performing best across 10 product and service customer satisfaction factors including relationship management, sales service, specialist advice, ease of use, innovation and pricing.
Grant Cairns, CBA Executive General Manager Business Lending, said asset finance was a priority growth area for the bank in supporting business customers.
“We’re focused on delivering tailored asset finance solutions to enable businesses, big and small to innovate and grow. It’s great to see this reflected in strong levels of customer satisfaction across a range of different metrics.”
It comes amidst significant growth in asset finance, particularly among small and medium sized businesses. The report shows asset finance volumes expanded by 10.9 per cent in the past year, eclipsing the previous year forecast of 9.5 per cent.
Chris Moldrich, CBA General Manager Asset Finance said, more businesses are investing in resilience and improving performance and productivity.
“Businesses are facing many challenges with rising inflation, energy costs and supply chain disruptions,” Mr Moldrich said.
“We are concentrating on providing faster and simpler ways for businesses to access new equipment and technology to improve efficiencies and deliver greater value to their customers.”
The report was based on direct interviews conducted by East & Partners with a national sample of 1,300 Australian CFOs and treasurers.