ANZ has seen off competition from a field of seven other agribusiness providers on Canstar’s database to win the annual Bank of the Year – Agribusiness Award for the fifth year in a row. Read on to find out how the major bank did it.
The ability to easily manage cash flow, as well as potentially access additional funding if required, can be crucial to keeping an agricultural business running smoothly. Coronavirus has had a significant impact on the agricultural sector – it’s expected to affect around 28% of all Australian agricultural exports and reduce overall exports in 2020 by roughly 3%, according to recent research. This means that, for agribusinesses, having the support of your bank may be more important than ever.
To help agricultural businesses figure out which bank may be best for them, Canstar Research assessed the relevant products and services on offer from eight providers on our database, before naming a single award winner.
ANZ has won our Bank of the Year – Agribusiness Award for 2020, reaping the rewards of a strong product offering and an even stronger range of institutional support features.
ANZ performed strongly for product offerings, especially when it came to its credit and loan facilities. The bank offers a number of finance options, including:
It also did especially well when it came to its service and support options, and its information and education services. According to ANZ, it has over 200 dedicated agribusiness managers who can help businesses manage their finances, and develop risk management strategies among other things.
To arrive at an overall score out of 100, Canstar Research assessed and scored each provider’s products and institutional offerings. Providers’ products accounted for 60% of their score and the other factors made up the remaining 40%.
Eligible agribusiness providers were rated based on a combination of:
As the provider with the highest total score, ANZ was awarded the Bank of the Year – Agribusiness Award for the fifth consecutive year.
To learn more about how providers were rated, read the Bank of the Year – Agribusiness methodology.
This advice is general and has not taken into account your objectives, financial situation, or needs. It is not personal advice. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser. For more information, read Canstar’s Financial Services and Credit Guide (FSCG) and our detailed disclosure. Canstar may receive a fee for referring you to a product provider – for further information, see how we get paid.
Canstar is a comparison website, not a product issuer, so it’s important to check any product information directly with the provider. Consider the Product Disclosure Statement (PDS), Target Market Determination (TMD) and other applicable product documentation before making a decision to purchase, acquire, invest in or apply for a financial or credit product. Contact the product issuer directly for a copy of the PDS, TMD and other documentation.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular credit product or loan. If you decide to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar. Rates and product information should be confirmed with the relevant credit provider. For more information, read the credit provider’s key facts sheet and other applicable loan documentation for that product. Read the Comparison Rate Warning.
The Award results referred to in this article were published in May, 2020. View the Canstar Agribusiness Bank of the Year Award Methodology and Results for more information. The results are general advice only and not personal financial advice. They do not include all providers and may not compare all features relevant to you. They do not constitute a suggestion or recommendation about any particular agribusiness product, and Canstar is not providing a recommendation for your individual or business circumstances. Consider whether this general financial advice is right for your personal circumstances.
Star Ratings and Awards are only one factor to take into account when considering products. Current rates and fees may be different to what was rated. Costs, features and other product information should be confirmed with the relevant product provider. If you decide to apply for an agribusiness product, you will deal directly with the provider, not with Canstar. Consider the Product Disclosure Statement and other applicable documentation before making a purchase decision. You may need advice from a qualified adviser. Read our FSCG.
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This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement and target market determination before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.