J.D. Power: Account Managers Play Critical Role in Small Biz Satisfaction

Having an account manager who is viewed as a trusted adviser can make a critical difference in how satisfied small businesses are with their bank, according to J.D. Power’s Small Business Banking Satisfaction Survey released today. The survey — which measures customer satisfaction on a 1,000-point scale — noted that overall satisfaction was 112 points higher (876) among small business customers who have an account manager that they trust than those who do not have an account manager (764).

While small businesses were satisfied with their banks overall, the survey noted that there is room for improvement for banks serving small business clients. Just under four in 10 felt that their bank appreciates their business, and just three in 10 said their bank understands their business.

The survey also found that a majority of small businesses — 61 percent — are still dependent on their bank branches rather than mobile or digital channels when conducting their business. Forty-seven percent said they do not use mobile offerings; the most common reason for not doing so was a perception that these offerings provide no additional value.