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Consumers maintain dissatisfaction with business banks? pricing

by Staff Reporter8 minute read
The Adviser

Customers’ satisfaction over business banks’ pricing continues to slide, East & Partners’ November 2008 Business Banking Customer Satisfaction Monitor (BBCSM) has revealed.

The report, issued in December, showed that since February 2008 the customer satisfaction rating for pricing has significantly fallen from 5.31 to the latest level of 4.91. This was based on the scale where 0 was ‘very dissatisfied’ and 10 was ‘very satisfied’.

East & Partners said that the significance of this slide is highlighted by the fact that of the nine factors monitored in the BBCSM, pricing now achieves the poorest rating only behind convenience.

According to the research house, NAB was the highest ranked bank in terms of pricing, with a satisfaction level of 6.14; the worst performing bank, which was not disclosed, managed a rating of just 3.71.

“The poor rating and continued fall in satisfaction regarding business bank’s pricing is arguably being fuelled by the fact that business customers do not perceive their banks to be fully passing on the unprecedented rate cuts that the Reserve Bank of Australia have implemented,” Robert Morgan, East & Partners’ head of market analysis, said.



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