Business to big banks: You’re failing us

Consumers are happier with the big four banks but business customers do not feel the same way, Roy Morgan Research banking satisfaction survey data for August shows.

Consumer satisfaction with the big four banks has increased by an average of 0.6 percentage points to 76.7 per cent, according to Roy Morgan but business customer satisfaction declined 0.4 percentage points to 63.4 per cent, widening the satisfaction gap between business and retail banking customers.

Each big four bank recorded improved satisfaction ratings with personal customers. National Australia Bank recorded the biggest improvement – up 1.3 percentage points to 79.8 per cent. Commonwealth Bank of Australia scored the smallest increase, 0.2 percentage points to 77.8 per cent.

However, NAB shows the biggest gap, 16.7 percentage points, in the satisfaction rating between its personal and business customers.

The industry communications director at Roy Morgan Research, Norman Morris, says the reasons for businesses rating banks poorly include irregular contact and a view that the banks lack “real interest” in their clients’ industries.

“The widening gap between satisfaction levels of the major banks’ personal and business customers should be of major concern as it is potentially an indication that in this uncertain economic environment more focus may have been placed on the relative safety of personal bank customers at the expense of business,” Morris says.

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