St George Bank has beaten its big four competitors in a new ranking of business banking customer satisfaction released yesterday.
“St George, traditionally a strong relationship bank to business customers, is the best performed of the larger banks, but given that it ranked 6.05 out of 10, there is clearly room for improvement for it and all the banks,” East & Partners client advisory senior manager Robert Morgan says.
The worst performed of Australia’s major banks was the Commonwealth Bank, with staff responsible for business banking in the companies surveyed giving it a score of just 4.14 out of 10 for its business banking services.
At the other end of the scale, regional banks performed particularly well – their collective rating of 6.54 out of 10 reflecting the closer relationship with customers many of these smaller banks are able to achieve.
East & Partners’ report comes as
A report by the Australian Payments Clearing Association revealed that 3.1% of Australian banking customers switch accounts each year, below the 4% to 6% who switch in
Banks such as ING Direct, BankWest and ANZ are reportedly in favour of reforms that would make switching between banks easier.