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JD Power Report: Small Businesses Dissatisfied With Banks That Don’t Understand Them

On All Hallows’ Eve, banks heard some frightening news – their small business customers are growing increasingly dissatisfied, according to a just-released report from J.D. Power.

From the JD Power 2013 U.S. Small Business Banking Satisfaction Study:

“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.

“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.”

Key Findings:

  • Overall satisfaction among small business banking customers has decreased in 2013 by 9 points

  • Mobile banking satisfaction increases 27 points, although usage among small business customers remains low at only 11 percent.

  • 55% of customers perceive their bank as technologically innovative, down from 67 percent in 2012.

The report suggests that mobile and online banking is the best place to start, as only 11 percent of SMB customers currently use mobile banking solutions, and our latest SMB banking survey supports this – findings that the vast majority of SMBs have had enough with check payments, and want to eliminate them altogether.

The opportunity for banks is clear – by delivering online and mobile payments solutions that fit the specific needs of small business customers (and not just offer tools built for consumers and corporations), they’ll become the type of partner SMBs need – technological innovators that can help streamline and grow their business.

We're transforming accounting by automating Accounts Payable and B2B Payments for mid-sized companies. Our award-winning solution has helped over one thousand businesses transform accounts payable from a source of inefficiency and fraud risk to a secure and strategic profit center that provides visibility into key cost drivers.

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