Nearly Two-Thirds of Small Business Owners Feel Underappreciated by Their Banks
Small businesses feel underappreciated and misunderstood by their banks, according to a new J.D. Power survey. Only 37% of small business bank account holders say their bank appreciates them, which means nearly two-thirds feel undervalued in the financial sector.
In terms of small business banking needs, 68% of owners do not feel like their bank understands their business. Only 28% of respondents have accounts with banks specializing in small business finances, and just 23% have banks that adjust to anticipated changes in their needs.
Despite living in the digital age, most small businesses still rely on in-person banking. Nearly half (47%) say they do not use the mobile banking options available for their business, largely because mobile services “provide no additional value.” In addition, 61% are still considered “branch-dependent,” which means they frequently interact with a local bank.
J.D. Power also ranked small business banking providers based on customer satisfaction. The results varied by region. Citibank and Chase ranked within the top three banks in all four regions. Huntington Bank was the top rated bank in the Midwest, and Capital One was the top bank in the Northeast.