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Westpac's business products score top rating

21 January 2011 4:47PM
Westpac's business banking product set is rated more highly by customers than the business banking products of its big four rivals, according to a Roy Morgan survey.Roy Morgan asked 12,000 business customers to rate eight standard business products and compared the performance of the big four against the industry average.The products were transactions accounts, credit cards, loans, savings and investments, insurance, business superannuation, international trade finance and merchant services.Westpac was above the all-bank average rating for five of its products - transaction accounts, credit cards, loans, business super and merchant services.St George was next with four products above the all-bank average - transaction accounts, savings and investments, insurance and merchant services.Commonwealth Bank managed only two above-average scores (for business super and international trade finance), NAB got an above-average rating only for its business super and ANZ scored below the all-bank average for all eight products.Not surprisingly, ANZ has the lowest satisfaction rating among business customers, with a score of 57.1 per cent. St George has the highest rating, with a score of 63.6 per cent, followed by Commonwealth (62.2 per cent), Westpac (61.9 per cent) and NAB 59.8 per cent.Roy Morgan is the only research group to survey business and consumer satisfaction using the same methodology. The comparison shows a significant gap in satisfaction levels, with business customers much harder to please.ANZ has an 18.9 percentage point gap between its consumer and business ratings. The gap for the other banks is between 12 and 14 points.

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