ICEC

Business customers less satisfied with ANZ

Satisfaction among ANZ (Australia and New Zealand ) Banking Group’s business customers has fallen for the second consecutive month, according to data from market research firm DBM Consultants.

The latest monthly data showed the overall business satisfaction rating for ANZ fell to 6.9 in January, from 7.0 in December and 7.1 in November.

Whole-of-market satisfaction with Westpac, National Australia Bank (NAB) and Commonwealth Bank of Australia (CBA) was unchanged.

Breaking it down into customer segments, both ANZ and National Australia Bank (NAB) were given lower scores by micro-business customers last month.

Among large business clients, ANZ was the only major bank that went backwards while its three main competitors improved their scores.

“ANZ is now 0.5 points behind Westpac and NAB in the large segment, and trails CBA by 0.8 points,” DBM Consultants said in a statement.

Broadly, large and medium businesses reported the highest levels of satisfaction with their banks.

DBM Consultants said the ratings given by large businesses were the highest on record, led by CBA with a score of 7.7 points, from 7.5 previously.

Managing director Dhruba Gupta said the November and December cash rate reductions had not improved satisfaction among micro and small business customers.

“We may, however, see changes in the coming weeks as the negative publicity around the big four banks raising their rates in February affects the way businesses feel about the majors,” Mr Gupta said.

DBM Consultants said businesses, particularly the small ones, were increasingly pessimistic in their outlook.

The number of companies expecting their revenues to decline had jumped by more than 60 per cent over the past 12 months.

Source: news.com.au

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