Eighty-two percent of small businesses said they maintained or gained trust with their bank in 2020 amid the COVID-19 pandemic, and an even greater majority—85%—believe that their needs are being met by their current bank, according to a new survey from consulting firm West Monroe this week. When asked how likely they were to recommend their primary financial institution on a scale of one to 10, small businesses gave a rating of 7.06.
When it came to receiving Paycheck Protection Program loans, 68% said they had a “very positive” or “mostly positive” experience with their financial institution. Among those who rated their experience as positive, 89% said it involved the ability of their bank to deliver, while 74% said it was banks’ responsiveness.
With regard to digital banking, 78% agreed that a completely digital banking experience would improve their experience, though they still rated their current satisfaction levels with their banks’ online banking offerings highly, with a rating of 7.76 out of 10. The survey also noted a growing preference for mobile banking options—half of small businesses said they plan to apply for their next loan or account through the bank’s mobile app, compared to 34% that said they would do it online, 13% that would prefer in-person, and 3% that would prefer to do it over the phone.