Small-business owners have grown more confident about their bank’s ability to help them meet their future needs, according to J.D. Power’s 2024 Small Business Banking Satisfaction Survey. Overall satisfaction among small-business banking customers rose 20 points this year to 705 on a 1,000-point scale. The increase was driven by improvements in problem resolution; branch and phone-based customer service and relationship managers; and guidance to improve the financial health of small businesses.
At the same time, overall satisfaction with financial health support increased 34 points this year as small-business owners increasingly turned to their banks for information on how to reduce fees, maintain a manageable level of debt and improve their overall creditworthiness, according to J.D. Power.
Small-business owners are feeling more optimistic about their future than they were at this time a year ago, with an overall business outlook score of 7.5 on a 10-point scale. Still, optimism remains below pre-pandemic levels, with increased costs for material and labor weighing on owners. Nearly three in four small businesses said their credit is excellent or very good, roughly the same as in 2023.
