Business satisfaction with the big four banks on the rise

Business customer satisfaction with Australia’s largest banks increased during July, according to new research.

Figures from DBM’s Business Financial Services Monitor showed that approval of three of the “big four” banks edged up in July.

Commonwealth Bank, the one bank to not show an increase, held steady on a score of 7.0. Westpac drew level with CBA, followed by ANZ and NAB. Average business customer satisfaction moved up by 0.1 to 7.1.

Among those that DBM classes as ‘micro businesses’, firms with a turnover of less than $1 million, the results are broadly in line with the overall survey. Westpac overtook CBA to become sector leader, while NAB lifted from 6.7 to 6.8. CBA and ANZ remained unchanged.

Dhruba Gupta, managing director of DBM, said the figures reflected increased competition in the market.

“Competition has really stepped up a notch in recent months and the major banks are fighting hard to retain their customers and win new business.”

“This trend looks set to continue, with the third and fourth‐placed banks for business customer satisfaction, NAB and ANZ respectively, showing improvements in the latest month contributing to a more competitive market.”

Pointing to NAB’s increase in satisfaction among smaller businesses, Gupta said: “NAB has traditionally held the largest proportions of business lending and deposit dollars among the big four banks, but satisfaction of its customers has consistently rated below the leaders.”

“Over the last several months its micro and small business customers have shown improving overall satisfaction with NAB.”