Bank of Queensland’s focus on providing relationship banking and its demonstrated experience in its home market has paid off, with BOQ taking the number one spot in the latest East & Partners Sentiment Index of business customers1.
BOQ’s business banking operation, heavily concentrated in its home State, has been experiencing a steady rise in satisfaction levels over recent years and took out the top spot for the first time in the May Australian Business Banking Sentiment Index.
East and Partners also found that BOQ’s customers were the most loyal of any bank and most likely to recommend their bank to colleagues and business associates.
The result mirrors BOQ’s performance in the Queensland consumer market, with the latest Roy Morgan survey2 showing the Bank has the second most satisfied customers of any Australian bank and is closing fast on the number one spot.
Managing Director David Liddy said the SME sector, where BOQ was focusing its efforts, had much more in common with consumers than big business in terms of their needs and service expectations.
“We have for many years differentiated ourselves from other retail banks by the access, flexibility and quality of service we offer our customers, through our relationship-based business banking managers, our corporate branch managers and also by leveraging our service-focused Owner-Managed Branch network,” Mr Liddy said.
“I have always believed Queensland’s SMEs were being short-changed by the banking sector and we have worked hard to redress that situation through our service experience.
“In fact, much of the reason for our success in the business sector is that many of our small business customers are managed on a day-to-day level by an Owner-Manager who has a vested interest in providing them with a blue ribbon level of service.
“After all, who understands a small business better than another small business owner?”
Mr Liddy described BOQ’s service philosophy as being straightforward.
“Businesses need their bank to do the simple things really well. They appreciate things like their bank following up, taking ownership of their issues, being responsive to them and not passing the buck,” he said.
“We see ourselves as THE bank for SMEs in Queensland – they can benefit most from our customer-centric service model and focus on relationship banking.”
1. Source – East & Partners – Business Banking Sentiment Index May 2008.
2. Source- Roy Morgan Research - May 2008 Australian Population aged 14+.