Financial services research firm, Canstar Cannex has awarded Westpac its second annual Best Value National award for Small Business Banking for demonstrating a commitment to backing business in a particularly challenging year.
Financial services research firm, Canstar Cannex has awarded Westpac its second annual Best Value National award for Small Business Banking for demonstrating a commitment to backing business in a particularly challenging year.
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 an exceptional service proposition to small business.
Full announcement below:
Business slowdown no barrier to Westpac
CANSTAR CANNEX releases business banking star ratings report today.
A demonstrated commitment to backing business in a particularly challenging year has seen Westpac take out the second annual Best Value National award for Small Business Banking, given by premier financial services research company CANSTAR 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 an exceptional service proposition to small business.
"Business has been through the wringer this last year and continues to struggle, even though we are seeing signs of economic recovery," CANSTAR CANNEX Head of Research Steve Mickenbecker said.
According to CANSTAR CANNEX, it is in these less-than-ideal times that banks really show what they are made of.
"We were impressed by Westpac's continued push towards improvement for their business customers, despite the financial carnage of the past year," Mr Mickenbecker said.
"For instance, Westpac revamped its business transaction accounts and incorporated a new and very competitive fee structure on its Business One High Plan. Two new credit cards were also introduced to help with both everyday short-term funding issues and Rewards for businesses looking to get more when repaying expenses in full."
Apart from banking products and features, CANSTAR CANNEX also compared the service levels given to small business through face to face and online channels.
"Westpac backs up its competitive products with easy access within its branch network to dedicated business bankers and relationship managers for personal support," Mr Mickenbecker said.
"We're now starting to see positive results for SMEs from the plans Westpac put in place earlier in the year to beef up its small business offerings through personal service with local business bankers, better educational workshops and easier access to expert advice."
Tips on setting up and running your business, online tools and advice guides are other ways Westpac provides online support.
"Although not a specific factor in the award, Westpac, with its subsidiary St George, is to be commended on its recent announcement that business accounts will be included in its reduction of penalty fees from $40 to $9."
CANSTAR CANNEX today released its business banking star ratings report which assesses business credit cards, deposit accounts and loans covering residential and commercial lending for both term loan and overdraft categories.
The number of products in the market is sizeable - 340 term loans, 69 overdrafts, 39 credit cards and 88 deposit accounts - making comparison by business an exhaustive task.
"We've done the hard yards for you, comparing rates and features to award five stars to products that offer outstanding value," Mr Mickenbecker said.
"Our business banking star ratings will help you make an informed choice of suitable banking products, even if it is just to see how your current bank stacks up."
