Bank merger threatens customer service
A combined Westpac and St George business banking operation would struggle to maintain the level of customer service currently offered by St George, a research report warned yesterday. St George's strong growth in business banking market share has been based on the deployment of more relationship managers than any of the big four banks, according to a report by East & Partners. 80 per cent of St George's small business customers have a “known” relationship manager, compared to fewer than 20 per cent of Westpac's. One hundred per cent of St George's middle market and corporate customers had a known relationship manager, while in Westpac's case 70 per cent of middle market customers and around 90 per cent of corporate customers had a known relationship manager.
Source: The Sheet