Banks lose favour with business owners

Business owners are losing their faith in the banks, with TNS Business Finance Monitor (BMF) indicating a drop in satisfaction levels of business banking customers over the last six months.

The BMF collects information on an extensive range of topics including: business characteristics, business health, banking profile, banks used, products used, transaction profile, satisfaction levels, commitment levels towards each bank, relationship management, business needs, bank image, and external influences.

The report found that satisfaction levels of business banking customers for the big four banks has decreased by 5.2 percent in the last six months, with the Commonwealth Bank experiencing the biggest decrease (5.7 percent).

While satisfaction levels remain high at around 74 percent, this number has gradually decreased as business lending tightens.

ANZ’s customer satisfaction remains the highest (at 76.7 percent) amongst the four major banks, with Westpac remaining in second position (72.1 percent), and NAB is trailing slightly at 70.2 percent.

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