Read on to find out which provider won this year’s Small Business Award, and how they did it.
The coronavirus pandemic continues to have a significant impact on many Australian small companies, affecting revenue, logistics and other aspects of running a business day-to-day.
The significant challenges facing a great number of businesses are reflected by recent statistics from the Australian Bureau of Statistics (ABS) which show the number of people who are unemployed in Australia increased by 69,300 between May and June 2020.
However, some parts of the economy have seen signs of recovery. For example, according to the ABS, retail turnover increased by 2.4% between May and June 2020.
Whether your small business is still facing challenges or is looking towards recovery and future growth, the value you’re getting from your bank could play an important role, across a variety of products and services.
This is why, in addition to our Star Ratings for individual business products, every year Canstar names a winner of the Bank of the Year – Small Business Award. This Award assesses financial institutions based on the following three pillars:
The award recognises the bank found to offer the best cumulative performance across the metrics assessed.
For this year’s Small Business Award, Canstar Research assessed the business product offerings of the eight eligible providers from our database, including 28 business deposit accounts, 50 business loans, and 25 business credit cards.
The eight financial institutions included in this year’s Small Business Award were assessed using a methodology which took into account:
Products – A provider’s product score was calculated based on their performance in our Star Ratings for business loans, credit cards, transaction and savings accounts, as well as an Award-specific assessment of providers’ term deposit products available to businesses. Other product aspects such as equipment finance options and business insurance were also considered. A provider’s products accounted for 50% of its overall score.
Business Banking Services – Services provided to small businesses, including branch and ATM access, online banking, merchant services (e.g. payment terminals and software provided by banks to businesses), specialist advisors, and disaster relief/support accounted for 30% of each provider’s overall score.
Customer Satisfaction – The remaining 20% of each provider’s score was based on a Canstar survey of small business owners regarding their overall satisfaction with their financial institution, as well as their satisfaction with specific aspects of their relationship with their provider, including value for money, customer service, problem resolution, communication, and fees and charges.
The financial institution with the highest overall score across these three categories was recognised with the Bank of the Year – Small Business Award for 2020.
ANZ has won Canstar’s Bank of the Year – Small Business Award for a third consecutive year. Its win in 2020 was driven by a strong product performance, especially when it came to its business loans and overdrafts.
Over the last year, several of ANZ’s business products have picked up 5-Star Ratings in various categories, including its:
The major bank’s business products were also recently recognised when it won our Bank of the Year – Agribusiness Award for the fifth year in a row.
When it comes to services for small business owners, ANZ offers staff management solutions and support with international trade, as well as educational resources for starting, running or growing a business.
For more information on how the Small Business Award results were calculated, you can read the methodology.
This article was reviewed by our Sub-editor Tom Letts and Finance Editor Sean Callery before it was published, as part of our fact-checking process.
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. Payment of fees for ads does not influence our Star Ratings or Awards.
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 August, 2020. View the Small Business Award Methodology and Results for more information. The results 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 financial or credit product, and Canstar is not providing a recommendation for your individual or business circumstances. Products referred to this article are not intended to be used for personal, domestic or household purposes.
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 a financial product, you will deal directly with the provider, not with Canstar.
Any advice provided on this website 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. You must not reproduce, transmit, disseminate, sell, or publish information on this website without prior written permission from Canstar.