In its newly released bi-monthly Business Banking Index (BBI), market research firm East & Partners has named the Bank of Queensland as the most highly rated bank by business customers in terms of empathy, satisfaction, loyalty and advocacy.
East & Partners’ bi-monthly BBI aggregates bank customer ratings in four criteria in their “main” banking relationships – empathy, satisfaction, loyalty and advocacy. The businesses surveyed ranged from micro businesses through to some of the largest in Australia, with each tasked with rating their core banks on a scale of 10 to 100 against the four criteria.
BOQ first topped the BBI rankings in May 2008 when it overtook St George at the top, and in these latest rankings, taken in May of this year, BOQ again ranked highest with a score of 63.9, ahead of second rated HSBC on 53.5. St George and NAB came in at third and fourth, respectively. The average score, which was 42.3 in May 2008, dropped to a mere 30.5 in BBI’s latest rankings.
BBI says its five year BBI comparison also shows how relations between micro businesses and their banks have, expectedly, deteriorated post-GFC. In 2008, micro businesses turning over between $1-5 million gave their banks a collective BBI of 21.0, but this has now almost halved to 11.4. Demand for business services from the total market has also fallen sharply in the last five years. In 2008, the BBI showed that businesses were anticipating a 38.5 per cent increase in their demand for business banking services, but this has now slipped to a new low of 17.2 per cent.
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