Research group CANNEX releases business banking star ratings report
Scale and product diversity have seen the banks take the lion’s share of business banking awards.
In its business banking star ratings report, research group CANNEX notes the dominance of the big banks in its list of five star products which offer value for money.
According to CANNEX, business owners can only benefit, as the banks compete for market share in the area of business lending.
This result is not unexpected, as business banking is not a core business for smaller institutions who offer a one size fits all business products.
They cannot provide the suite of products and services needed by growing businesses.
While products of merit can be found at smaller institutions, small businesses do not have the time to pick financial products from multiple sources. It is important for them to find a single institution that offers good value products across the board.
According to CANNEX, access to a relationship manager also offered depending on the level of business one do with an institution.
This can be an important component of packaging the banking needs and goes some way to answering the question of client service.
Three hundred business banking products were analysed by CANNEX to determine Australia’s best business term loans and overdrafts, transaction accounts and credit cards.
In its report CANNEX named products from ANZ, Arab Bank Australia, nab, St George Bank,
Suncorp and Westpac as five star business banking products.
The banks have not had it all their own way though. Once again the Bananacoast Community credit union continues to mix it with the best, with four of their products receiving five stars.
Newcastle permanent and South Australia’s savings & loans credit union also made an appearance in the CANNEX business banking star ratings.
From the business banking products on offer it is clear that products are keeping pace with the growing business market. It is now up to individual business owners to find the match for their own circumstance.
The CANNEX business banking star ratings report can be downloaded at company website. The biannual CANNEX business banking star ratings is a list of business banking products that has been independently assessed and ranked by CANNEX financial services research group.
CANNEX ranks the business banking products based on value for money measures and then awards a star rating according to rank. Five star products are considered to offer superior value for money and products are rated every six months.
4-May-2007