- 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
For 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.”
For further information:
Editor in Chief
Ph. (07) 3837 4151 / 0400 127 733
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|
|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|
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