The Commonwealth Bank is well placed to challenge the business banking dominance of the National Australia Bank, according to a new survey of business banking customer satisfaction compiled by research firm DBM.
CBA was ranked first or equal first in three of the four categories covered by DNB, coming out on top in the small business category ($1-5 million in revenue), the medium category ($5-50 million) and the large category (over $50 million).
ANZ was the top-ranked bank in the micro-business category, which covers businesses under $1 million.
DBM managing director Dhruba Gupta says Commonwealth Bank could now challenge the dominance of NAB in the business banking sector.
“They could really be challenge NAB going forward.”
Given the vitriol levelled at banks in recent months over the small business credit squeeze, satisfaction ratings were actually reasonably high, with satisfaction scores coming in between 7.7 and 6.6 out of 10.
However, Gupta says the ratings were not a surprise, with other research saying market share in the banking sector has remained very steady for years.
“We do know that banks have been more careful about who they would lend to, and some of the businesses that have tried to get loans have had difficulty,” he says.
“But if you look at the ways they have been serviced and the way they have been charged rates, and the channels they are offered, the service they get from banks is pretty good.”
Where the banks could improve is in the areas where there is a potential for inconsistent service from one customer to the next, or from one day to the next. This includes services like call centres, branch services and services provided by relationship managers.
“The things that determine satisfaction are the things where there are more opportunities for inconsistency. Inconsistency breeds uncertainty.”
DBM plans to release the results of its new survey every month.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
