Satisfaction gap in business and consumer banking
Business clients are less content with their banking arrangements than consumers, though both groups report high levels of satisfaction overall, a new survey by Roy Morgan has shown.
The latest Business Single Source Survey from the research house found an average of 82.8 per cent of consumer clients and 69.6 per cent of business clients reported being very or fairly satisfied with their banks – the highest levels recorded since the survey began in 2010.
However, despite these strong gains, Roy Morgan industry communications director Norman Morris suggested banks needed to address the lagging business client sector.
“A major issue now is how to improve the satisfaction levels among business customers and close the gap with personal customers,” he said.
“There is a strong connection between the personal and business banks among small business operators and as such a poor performance in one segment is likely to impact on the other segment’s result.”
In addition, among both groups, clients of the big four banks were less content than those of other banks, the survey found.
In the consumer sphere, satisfaction levels were 81.1 per cent at the big four compared to 86.6 per cent at other banks.
Similarly, among business clients, 67.6 per cent of big four clients reported being happy, compared to 72.2 per cent of clients with other banks.
Mr Morris said the major institutions were being put on notice by their competitors.
“The big four banks have generally focused on how they rate against each other but this analysis shows the need for more focus on how they compare with the other banks,” he said.
“The market leaders in satisfaction among both consumers and businesses are the banks outside of the big four and they should become the yardstick by which the majors measure themselves.”
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