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Westpac named Money Magazine's Business Bank of the Year for the fourth consecutive year


1 June 2011

Westpac's focus on understanding its customers and going the extra mile to help improve their businesses has contributed to it being named Money Magazine's Business Bank of the Year for the fourth consecutive year.

Scoring consistently well across all award criteria, Westpac was applauded for the flexibility of its business products. Westpac’s Bank Bill Business Loan, Business Choice credit cards, Business One Account, Business One Cash Reserve and Bonus Cash Reserve were all named as standout business product offerings.

“The fact that Westpac has been declared Business Bank of the Year for four years in a row shows that we are more serious about supporting business than any other bank,” Westpac Group Executive Retail and Business Banking Rob Coombe said.

“We are the bank that business customers prefer and are top of the major banks in customer advocacy in the commercial, small business, agriculture and micro-business segments”.

Westpac General Manager Commercial and Agribusiness Trudy Vonhoff said that Westpac’s focus on getting closer to its customers and striving to better understand their needs had paid dividends.

“Our 530 Commercial Relationship Managers and 180 specialist bankers offer a lasting personal, involved and progressive relationship, through which our expertise and advice ensures our customers’ success,” Ms Vonhoff said.

Westpac held National Business Month in May, holding hundreds of events and seminars across the country focussing on the needs of business customers and designed to add value to their business.

“During National Business Month we reached out to thousands of business customers across Australia, in many cases spending a day in their business to better understand their individual needs” Westpac General Manager Regional and Retail Banking Jason Yetton said.

“Our newly launched Local Business Sentiment Survey means we understand the local business sentiment like no other bank and can give our customers important insights and strategies to deal with the issues impacting businesses at a local level.

“Local capability is a key strength of Westpac. We have more, better-trained, business bankers at our branches. Our frontline staff are empowered to make decisions for customers and reduce process burdens, saving business owners time and money.”

“These bankers act as a single named point of contact for all our customers’ needs personal or business. Our bankers can also use Cash Scan, a market leading tool, to help customers understand and optimise their cash flow, and offer them financial education through our Davidson Institute” said Mr Yetton.

Westpac’s recently launched Davidson Institute, titled Australia’s First school of Money, offers businesses everything from a website packed with free financial guides and online seminars, to short courses and accredited courses in business and finance. This is a key part of Westpac’s strategy to support businesses.

Using the Canstar Cannex business banking star ratings, Money Magazine rated Australian banks across 10 different categories.