One in 12 will change banks: Survey

A new East & Partners quarterly survey of 659 business customers has found that 16.5 per cent are considering changing their banks within the next six months. On the results of past surveys, this means that about 50 per cent of this number will actually do so.

The survey suggests that National Australia Bank and Westpac will be the hardest hit with low levels of customer satisfaction over the past two years the prime reason. St George and Commonwealth Bank recorded the lowest churn rate with only 10 per cent of customers considering changing their transaction bankers. The Big Four dominate the market with 80.5 per cent share led by NAB (22.2 per cent) and the CBA (23.1 per cent). The key drivers behind the desire for better service were found to be issues such as trade finance, cash management and online services. Internet banking take-up has increased to 86 per cent from 82.8 since February.