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Slide in bank satisfaction

BUSINESS banking customers feel they are serviced better by smaller financial institutions, global market researcher TNS has found. Its latest customer satisfaction report reveals that while 73.9 per cent of businesses remain satisfied with their bank in the six months to April, each of the big four banks have experienced a decrease in customer satisfaction, with the combined big four down 6.7 per cent to 72.4 per cent. National Australia Bank has experienced the biggest decrease in customer satisfaction, down 7.8 per cent to 69.2 per cent, while ANZ customer satisfaction remains the highest at 78 per cent, in front of Westpac with 73.2 per cent. Having lagged in satisfaction for much of the past five years, Commonwealth Bank has caught up with the rest of the big four pack, with satisfaction levels now at 70.6 per cent. The report is backed by research firm East & Partners, which found that small businesses turning over up to $5 million a year have become increasingly unsatisfied and much less loyal to their bank. Bank of Queensland was rated the best bank this month with a score of 69.5, although St George Bank scored the most satisfaction of all the banks in April with a score of 70.4.

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