The increase came despite tremendous stresses put on the Australian economy as well as the banking and financial industry during 2020 as a nationwide shutdown in March and April was followed by a near four-month long lockdown in Victoria from early July to late October.
Satisfaction increased for the Commonwealth Bank by 3% points to 73.6% and the CBA now has the highest business owner banking satisfaction of any of the four major banks.
The largest increases in satisfaction were for the ANZ, which increased 8% points to 69.7% and the NAB which was up 3.2% points from a year ago to 69.3%. Westpac maintained the second highest business owner banking satisfaction at 70.5%.
The strong increases in business owner banking satisfaction during 2020 show that Australia’s major banks reacted in a productive fashion to the unprecedented challenge posed by the COVID-19 pandemic. The pandemic has been the first big test for the banking industry following the handing down of the Financial Services Royal Commission Report in February 2019.
These are the latest findings from interviews with 2,831 small businesses owners in the 12 months to January 2021 as part of the Roy Morgan Business Owner Satisfaction Monitor regarding their level of satisfaction with the financial institution they deal with.
Small Business Owner Satisfaction with the Big Four Banks: January 2021 cf. January 2020
Source: Roy Morgan Research Business Single Source, 12 months to January 2020, n=2,605, 12 months to January 2021, n=2,831. Base: Australian small business owners.
Roy Morgan CEO Michele Levine says Australian banks face new challenges in 2021 as the withdrawal of Government stimulus from the economy will place added pressure on businesses that have endured a tough year since the COVID-19 pandemic began: