Although National Australia Bank (ASX: NAB) remains as Australia’s largest business lender, the level of satisfaction amongst its business customers continues to fall further behind that of its big four rivals.
With an average satisfaction rating of just 6.9 out of 10 in November, according to the monthly DBM Consultants’ Business Financial Services Monitor (BFSM), NAB’s score lagged well behind Commonwealth Bank’s (ASX: CBA) 7.5 rating and Westpac’s (ASX: WBC) and ANZ’s (ASX: ANZ) 7.4 and 7.3 respectively.
Whilst NAB’s rating fell away for the month, ANZ’s 7.4 marked its highest ever average score which was well ahead of the 6.9 it achieved in April this year. This is a fantastic achievement for ANZ, which has scored well below the other banks in recent years, closing the gap on CBA and Westpac which were both well ahead of it.
DBM director Maria Claridad stated that the challenge for ANZ now is to either sustain or improve upon its business customer satisfaction levels going forward.
Meanwhile, the BFSM also revealed that Westpac was the most popular bank among small and medium-sized businesses, whilst Commonwealth Bank leads the way amongst large and micro businesses.
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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.