Survey: Mobile Banking Growth Drives Record Small Biz Bank Satisfaction

More small business owners are using their banks’ mobile apps, and satisfaction with banks reached a record high, according to J.D. Power’s Small Business Banking Satisfaction Survey released today. Overall, small businesses gave their banks a satisfaction score of 820 out of 1,000—up 20 points from 2018.

Mobile banking use rose among small businesses from 53% in 2018 to 61% this year, which J.D. Power said drove customer satisfaction—67% of mobile banking users said they “definitely will” pick their bank for the next service, versus 53% of those who do not use mobile banking. Overall satisfaction among small business mobile banking users was 43 points higher than non-users.

The study also ranked banks by satisfaction in four U.S. regions. The highest-rated banks in each region were Huntington (Midwest), CapitalOne (Northeast), TD Bank (South) and Chase (West).