National Australia Bank and ANZ were the least popular banks in Australia, according to business customers.

A satisfaction survey among business customers of the big four banks in Australia showed that NAB and ANZ garnered the lowest satisfaction rating below Commonwealth and Westpac for the past 12 months.

The Commonwealth Bank of Australia and Westpac Banking Corp. lead the survey with average business customer satisfaction ratings of 7.4 and 7.3 out of 10 in the financial year. Meanwhile, NAB and ANZ had an average satisfaction rating of 7.0 in June.

The annual Business Financial Services Monitor (BFSM) survey is conducted by DBM Consultants to track customer service ratings among the big four banks in Australia. Business clients were interviewed on a monthly basis. The average number of businesses who respond to the survey is 20,000.

Dhruba Gupta, managing director of DBM, said Commonwealth Bank and Westpac had done a better job than ANZ and NAB in ensuring customers were satisfied and happy with their services.

A happy customer is a loyal customer

While financial institutions in Australia have invested to improve customer service, both Commonwealth Bank and Westpac have received consistent customer satisfaction ratings from business clients.

Mr. Gupta said Commonwealth and Westpac have made sure relationship managers are more accessible to clients and customer inquiry calls are returned within 24 hours.

The high satisfaction levels can also be attributed to the reliance of Commonwealth and Westpac on local customers for revenue growth. Commonwealth is busy with its local bank, BankWest and Westpac continue to develop its Bank of SA, Bank of Melbourne and St. George subsidiaries.

The National Australia Bank and ANZ are more focused on pursuing opportunities for international growth.

Companies need to make customers happy to remain in business even when times get tough. Like other companies from various industries, banks would appreciate the increased level of customer service.

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