Small-business owner bank satisfaction grows

Small-business owners are more satisfied with the services they receive from their banks than they were a year ago, according to a new survey on small-business customer banking satisfaction by J.D. Power.  The survey also found that 54% of owners say their businesses are financially healthy, although inflation remains a concern.

Overall satisfaction with live phone-based support increased in 2023 as small businesses found it easier to get the help they wanted on the phone, according to the survey. At the same time, overall satisfaction with small business relationship managers increased due to improved responsiveness, more frequent communication and a growing perception that relationship managers are partners who help the company grow. The only category of small-business owners to report no improvement was sole proprietors, who were less likely to use banking services such as spending and savings guidance.

Fifty-seven percent of small-business customers said they are receiving financial advice from their banks. Forms of advice sought include how to avoid fees, spending and savings guidance, and guidance to help the business improve its credit score and creditworthiness.