Compare Credit Cards
- Credit Cards Home
- Balance Transfer Rate
- Low Interest
- No Annual Fee
- Reward Credit Cards
- Business Credit Cards
- Gold & Platinum
- Debit Cards
Compare Banking
Compare Loans
Compare Insurance
- Insurance Home
- Health Insurance
- Home Insurance
- Life Insurance
- Motor & Bike Insurance
- Travel Insurance
Investment Providers
Links
NAB Low Business Banking Fees Still Struggling To Make Impression
Despite making a concerted effort to break into and achieve dominance in the business banking segment, Australian banking major National Australia Bank is the least popular of the Big Four banking groups, amongst business customers.
According to new research from Melbourne based consultancy DBM, CBA and ANZ currently dominate the business banking segment as measured by customer satisfaction, despite the fact that their business banking units are smaller than that of NAB.
In terms of size, NAB runs the largest business banking operation in the country, and that has helped the lender offset under performance at its retail operation, driving a $2.1 billion cash profit during the first half of 2010.
The monthly Financial Services Monitor surveyed 18,000 customers across micro, small-to-medium enterprise and large businesses.
According to the results of the survey, businesses spanning all three segments said they were most satisfied with ANZ and CBA ahead of Westpac and NAB.
88.7 per cent of all business in Australia are defined as being micro businesses, which have less than $1 million a year in revenue, a segment in which ANZ proved to be the most popular lender beating its three main rivals.
Businesses with more than $50 million a year in revenue rated CBA as their most favoured bank, followed by Westpac, NAB and ANZ.
Dhrub Gupta, managing director for DBM says that the results of the survey clearly demonstrate that Westpac and CBA continue to remain the dominant players in business banking.
DBM managing director Dhruba Gupta said the results showed CBA and Westpac remained the dominant forces in business banking.
“Outside of microbusiness, it’s the Sydney-based banks, particularly CBA and Westpac, that are standing out for the larger business. We have been looking at some of the reasons for why that could be and it comes down to service, the type of service the customers are receiving, the relationship of bankers they are dealing with.” Mr. Gupta said.
According to Mr. Gupta, business banking customers were more interested in the fees banks charge, as opposed to interest rates.
“Business-lending rates for most of the time are largely un-different between the four majors. If you look at fees though, NAB has done better than the others. They were the first to abolish a range of their charges.” he said.
Compare Australian Business Bank Accounts
Related posts
Comments
Leave a Reply