01/09/2008 - 11:59

ANZ ranked best small business bank

01/09/2008 - 11:59

Bookmark

Upgrade your subscription to use this feature.

A strong all-round performance in supporting small business clients has seen ANZ Bank take out the first-ever best value national award for small business banking, given by premier financial services research company CANNEX.

ANZ ranked best small business bank

A strong all-round performance in supporting small business clients has seen ANZ Bank take out the first-ever best value national award for small business banking, given by premier financial services research company CANNEX.

The award aims to identify and commend the Australian financial institution that provides value through a highly featured business banking product suite, as well as providing exceptional service to small businesses.

"These clients certainly want better, more competitive banking products but they also want a higher level of business tools, service and advice," CANNEX financial analyst Peter Arnold said.

"ANZ proved superior when we looked at additional areas such as relationship manager availability, extensive branch coverage, online tools and advice, and other general services offered to help small businesses in their day-to-day running."

According to CANNEX, financial institutions are in the box seat to provide clients with the latest financial news to help business, and small business in particular, make more informed decisions.

"Many small businesses are at the top of their particular field, but don't have the time or resources to become financial product experts," Mr Arnold said.

"For this reason we evaluated many factors, including the accessibility of relationship managers for small business clients and rewarded institutions that have easy access and make efforts to provide the best possible banking experience for their business customers.

"An impressive array of products and online advice services packaged in their Business Toolkit sealed the deal for ANZ," Mr Arnold said.

While the bigger banks scored more than their share of CANNEX five-star ratings, and the top position for the new award, special mention must be given to some of the smaller players.

"There are some very impressive business banking products on offer from credit unions such as Bananacoast in northern New South Wales and South Australia's Savings and Loans, plus building societies such as Newcastle Permanent, Wollongong's IMB and Albury's HUME on the New South Wales' border.

"As well as the strong product range offered, the level of personal service is excellent and this can make it worth looking past the usual suspects if you are unsure of your business requirements and live in the right part of the country," Mr Arnold said.

Customer/relationship manager ratios are excellent at many small institutions which often provide access without minimum loan balance conditions.

"The major banks, however, often have the edge with business service and online advice simply because they are dealing with significantly larger numbers of customers and have powerful resources at their disposal to provide high end online assistance, as well as such things as technical seminars and free software solutions."

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options