Customers unsatisfied with bank services
A recent study shows that small to mid-sized businesses do not favor banks that want to build their lending books when the mortgage market slows down.
Figures also show that business customers do not seek to banks for services over the past year. The drop in figures were attributed to the lenders' higher credit standards and the series of interest rate increase that makes lending less attractive for customers.
The global research agency TNS revealed on its report on business customers with annual turnover rate up to $100 million were satisfied with the big four banks that fell 6.1 percentage points over the year to April. However, the rate of losses have levelled off in the past month.
The Australian and New Zeanland Bank showed the highest satisfaction rating among business customers at 73.8 per cent, but it received the biggest reversal in support from customers by 6.8 percentage points.
Westpac followed suit with a 71.1 per cent. The National Australian Bank ranked fourth at 66.7 per cent.
Another report by DBM Consultants revealed the different levels of support for banks that depend on the size of the customer. ANZ topped first in their list for micro and small businesses despite the low satisfaction rating for medium to large business customers.
Commonwealth Bank and Westpac were tied for big businesses while NAB was the lowest for micro-business operators.
Small and mid-sized business executives said the market started to stabilize during February.