It could be record low interest rates or even new technology that are making the banks look so good, but in August the big four took customer satisfaction to a new level.
The banks averaged 7.3 out of 10 in August, their highest level since the DBM Consultants Business Financial Services Monitor (BFSM) survey began four years ago. "The figures for most of the major banks, not just the Commonwealth Bank, have risen since our research started four years ago," DBM Consultants Director Maria Claridad said.
Ironically the two banks that draw the smallest amount of revenue (as a percentage of total revenue) from business and focus on competing fiercely for retail customers and home loans, excelled in the BFSM. Commonwealth Bank (ASX: CBA) took the top spot with an average 7.6 out of 10, and Westpac (ASX: WBC), Australia's second biggest bank, scored an average of 7.4 out of 10.
Whilst Commonwealth and Westpac have been fighting for increased market share of mortgages, NAB has been expanding its business banking and wealth management to increase revenues. Since 2007, ANZ (ASX: ANZ) has been focusing on growing market share overseas, particularly throughout Asia, as part of its 'Super Regional Strategy'. ANZ and NAB (ASX: NAB) have continued to lag behind their peers in the review, managing to score an average of just 7 out of 10.
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Motley Fool contributor Owen Raszkiewicz does not have a financial interest in any of the mentioned companies.
