12/03/2010 - 10:58

SMEs still dissatisfied with banks

12/03/2010 - 10:58

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Small to medium enterprises continue to show frustration with their banks according to a recent customer satisfaction survey, with two of the big four banks achieving a rating of less than 30 per cent.

SMEs still dissatisfied with banks

Small to medium enterprises continue to show frustration with their banks according to a recent customer satisfaction survey, with two of the big four banks achieving a rating of less than 30 per cent.

According to the latest edition of East and Partners' business banking customer satisfaction monitor, SMEs have lowered their opinions of their banks in January with an overall satisfaction rating of 4.37 out of 10.

This compared to a rating of 5.39 two years ago.

"We seem to have picked up where we left off at the end of last year regarding SMEs satisfaction with their banks," East and Partners' head of market analysis Robert Morgan said.

"Basically, the beginning of 2010 has seen the downward satisfaction trend continue.

"Of particular note is the fact that, incredibly, two of the Big Four banks achieve a rating of less than 3. The overall satisfaction rating for the BBCSM is being heavily weighed down by certain banks' performance in the SME segment."

The market average business banking satisfaction rating for January 2010 was 4.69, down from 4.71 recorded in December.

Of the big four, only NAB saw an increased rating as the bank maintained its number one position among the four with a score of 6.54 this month.

The top rating in overall satisfaction for this month went to the regional banks, with a satisfaction score of 6.65.

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