According to the J.D. Power 2013 U.S. Small Business Banking Satisfaction Study, overall satisfaction among small business banking customers declined.
This decline was due to dissatisfaction with problem resolution and with the most frequently used transaction methods, branch and online.
The 2013 U.S. Small Business Banking Satisfaction Study, now in its eighth year, includes responses from nearly 9,100 small business owners or financial decision-makers who use business banking services. The study measures small business customer satisfaction with the overall banking experience by examining eight factors: product offerings; account manager; facility; account information; problem resolution; credit services; fees; and channel activities. The study was fielded from July 2013 through August 2013.
Some key findings from the survey:
- Overall satisfaction among small business banking customers has decreased in 2013 by 9 points (on a 1,000-point scale).
- Banks made fewer changes to their small business customers’ fee structures in 2013, which contributes to the increase in satisfaction with fees.
- Mobile banking satisfaction increases 27 points, although usage among small business customers remains low at only 11 percent.
- Fifty-five percent of customers perceive their bank as technologically innovative, down from 67 percent in 2012.
- Forty percent of small business banking customers with an assigned account manager indicate at least one change in account manager during the past year, negatively impacting overall satisfaction.
” Banks are falling short of small business customers’ expectations in both the branch and offering innovative services to make it easier to manage their finances,” said Jim Miller, senior director of banking at J.D. Power. “Small business customers continue to rely on the branch for many of their routine transactions, even though retail consumers are quickly migrating to self-service channels, including online and mobile.”
“Financial institutions should focus on tailoring products and services specifically to their small business customers rather than expecting them to make due with those that are designed for retail customers or larger commercial relationships.”