ANZ recovering from rates controversy
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SYDNEY, Feb 25 AAP
February 25 2013, 10:25AM
ANZ is slowly regaining its standing among business customers following its controversial decision to shift the timing of its monthly interest rate decision.
The monthly DBM Consultants Business Financial Services Monitor (BFSM) shows that, among Australia's big four banks, ANZ and National Australia Bank continue to trail Westpac and Commonwealth Bank in terms of business customer satisfaction.
ANZ held an average satisfaction rating of 7.0 out of 10 in January, having lifted from 6.7 since mid-2012.
It improved its standing among micro-business customers (those with turnovers of up to $1 million), gaining 0.1 points from December to 7.0 and surpassing NAB.
DBM managing director Dhruba Gupta said ANZ's decision in December 2011 to shift the timing of its interest rate decision away from the Reserve Bank of Australia's monthly board meeting had been particularly detrimental to its standing among micro businesses.
"At this end of the market, many of the business owners have mortgages that are tied in with their businesses," Mr Gupta said.
"ANZ's out-of-cycle interest rate decisions may well have initially not sat well with them, and it has taken eight to nine months for them to come to terms with this policy."
Westpac remained the most popular of the big four, with an average satisfaction rating across all business customers of 7.5, followed by the Commonwealth with an average rating of 7.4.
NAB tied with ANZ overall, with an average satisfaction rating of 7.0.
The BFSM tracks the satisfaction rating of the big four banks through interviews with 20,000 business customers annually.