CANSTAR announces Bank of the Year – Small Business Award

CANSTAR announces Bank of the Year – Small Business Award

  • CANSTAR Bank of the Year – Small Business is awarded to the institution that provides the strongest combination of business products as well as excelling in a range of institutional factors.
  • The award aims to give recognition to the institution that backs up quality products with great service to small businesses.
  • Second win in a row for Commonwealth Bank

According to the Australian Bureau of Statistics the number of businesses in Australia has been increasing, with an estimated 2.1m actively trading businesses at last count. More than 97% of those businesses employ less than 20 people and only a fraction of one percent employ more than 200 people.

Irrespective of size all businesses need specialist business banking support from financial institutions and each year CANSTAR researches and rates the business banking products and services offered by Australia’s financial institutions. To be considered for CANSTAR’s Bank of the Year – Small Business Award institutions must offer loans, credit cards, and deposit accounts to businesses and have a branch network in a majority of states/territories.

“No matter what size a business, growth and innovation require a business banking partner to provide the required products as well as strategic education and services.  Access to finance, appropriate financial products and business coaching and support can make a significant difference to the performance of a small business and our award aims to recognise the institution that offers an ideal mix of strong products and strong services,” said CANSTAR Group Manager, Research and Ratings, Mitchell Watson.

Each year CANSTAR researches the small business banking offerings available from Australian financial institutions. This consists of a review of the loan, credit card and deposit products that are available, as well as assessment of institutional factors including the availability of relationship managers, online banking functionality, merchant services and business insights and education services offered to small business owner.

Commonwealth Bank wins Small Business Award

Commonwealth bank wins 2016 Canstar Bank of the Year - Small Business AwardFor the second year in a row, CANSTAR congratulates Commonwealth Bank on winning the Bank of the Year – Small Business Award.

CANSTAR’s Mitchell Watson described it as a decisive win.

“Commonwealth Bank has customer-centric banking products as well as a range of institutional features that is second to none,” he said.

“Commonwealth Bank  publishes a comprehensive range of  economic and business-specific reports and insights throughout the year, all of which are freely accessible on the CommBank website. Commbank also offers a range of digital tools such as the award-winning Daily IQ app to help business owners get detailed insights into their own businesses.

“In addition to online functionality Commonwealth Bank provides personalised service via their business banking specialists across the branch network, who can help business customers to take advantage of the available resources, as well as  a business customer call centre available 24 hours and seven days a week.

“Overall Commonwealth Bank’s success is a result of the consistently strong value it offers across all four segments we assess for the Small Business Award – business deposits, business loans, business credit cards and institutional factors.

“Commonwealth Bank should be congratulated  on the valuable contribution it makes to the small business sector in Australia.”

The Bank of the Year – Small Business Award report can be accessed here.

 
For further information:

Justine Davies
CANSTAR
Editor in Chief
Ph. (07) 3837 4151 / 0400 127 733

justine.davies@canstar.com.au

 

CANSTAR provides Australia’s interactive online research service in consumer and business finance. Founded in 1992, CANSTAR Pty Limited is Australia’s researcher of retail finance information for over 250 institutions such as Banks, Building Societies, Credit Unions, Finance Companies, Brokers, Mortgage Originators, Life Companies and finance related Internet Portals. CANSTAR customers use the extensive database for competitor analysis as well as a means of disseminating their product range. CANSTAR also distributes this information to print and electronic media for publication and to Agents, Accountants, Brokers and Internet Portals for use in advising their clients.

What are the CANSTAR star ratings?

CANSTAR researches, compares and rates the suite of banking and insurance products listed below. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website at www.canstar.com.au if you would like to view the latest star ratings reports of interest.

Account based pensions Managed investments
Agribusiness Margin lending
Business banking Online banking
Business life insurance Online share trading
Car insurance Package banking
Credit cards Personal loans
Deposit accounts Reward programs
Direct life insurance Superannuation
First home buyer Term deposits
Health insurance Travel insurance
Home & Contents Travel money card
Home loans Youth banking
Life insurance

COMPLIANCE DISCLOSURE and LIABILITY DISCLAIMER

To the extent that the information in this report constitutes general advice, this advice has been prepared by Canstar Research Pty Ltd A.C.N. 114 422 909 AFSL and ACL 437917 (“Canstar”).  The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs.   Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs.  You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product.  Canstar provides information about credit products. It is not a credit provider and in giving you information it is not making any suggestion or recommendation to you about a particular credit product.  Please refer to Canstar’s FSG for more information.

The information in this report must not be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any purpose, in whole or in part, in any form or manner or by means whatsoever, by any person without CANSTAR’s prior written consent. All information obtained by Canstar from external sources is believed to be accurate and reliable. Under no circumstances shall Canstar have any liability to any person or entity due to error (negligence or otherwise) or other circumstances or contingency within or outside the control of Canstar or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication, or delivery of any such information. Copyright 2014 CANSTAR Research Pty Ltd A.C.N. 114 422 909

The word “CANSTAR”, the gold star in a circle logo (with or without surmounting stars), are trademarks or registered trademarks of CANSTAR Pty Ltd.   Reference to third party products, services or other information by trade name, trademark or otherwise does not constitute or imply endorsement, sponsorship or recommendation of CANSTAR by the respective trademark owner.

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