Reports: Overall Satisfaction among Small Business Banking Customers Drops Despite a Rise in Fees Satisfaction Ranks Highest in Customer Satisfaction in the Midwest, West and South Regions, while TD Bank Ranks Highest in the Northeast Region WESTLAKE VILLAGE, Calif.: 30 October 2013 Overall satisfaction among small business banking customers declines due to dissatisfaction with problem resolution and with the most frequently used transaction methods, branch and online; yet, satisfaction with fees increases, according to the 2013 U.S. Small Business Banking Satisfaction Study. SM KEY FINDINGS Overall satisfaction among small business banking customers has decreased in 2013 by 9 points (on a 1,000-point scale). Banks made fewer changes to their small business customers fee structures in 2013, which contributes to the increase in satisfaction with fees. Mobile banking satisfaction increases 27 points, although usage among small business customers remains low at only 11 percent. Fifty-five percent of customers perceive their bank as technologically innovative, down from 67 percent in 2012. Forty percent of small business banking customers with an assigned account manager indicate at least one change in account manager during the past year, negatively impacting overall satisfaction. Small business customers continue to rely on the branch for many of their routine transactions, even though retail consumers are quickly migrating to self-service channels, including online and mobile. Banks are falling short of small business customers expectations in both the branch and offering innovative services to make it easier to manage their finances, said Jim Miller, senior director of banking at. Financial institutions should focus on tailoring products and services specifically to their small business customers rather than expecting them to make due with those that are designed for retail customers or larger commercial relationships. Small Business Banking Satisfaction Regional Rankings ranks highest in small business banking satisfaction in the Midwest, West and South regions and performs particularly well in product offerings; facility; credit services; fees; and channel activities. TD Bank ranks highest in small business banking satisfaction in the Northeast region and performs particularly well in product offerings; facility; account information; and channel activities. The 2013 U.S. Small Business Banking Satisfaction Study, now in its eighth year, includes responses from nearly 9,100 small business owners or financial decision-makers who use business banking services. The study measures small business customer satisfaction with the overall banking experience by examining eight factors: product offerings; account manager; facility; account information; problem resolution; credit services; fees; and channel activities. The study was fielded from July 2013 through August 2013. Media Relations Contacts John Tews; Troy, Mich. 248-680-6218; media.relations@jdpa.com
Jeff Perlman; Brandware Public Relations; Woodland Hills, Calif.; (818) 598-1115; jperlman@brandwarepr.com About and Advertising/Promotional Rules http://www.jdpower.com/about/index.htm About McGraw Hill Financial www.mhfi.com # # # Note: Four charts follow.
2013 U.S. Small Banking Satisfaction Study SM Northeast Region TD Bank 786 M&T Bank 762 756 Capital One 753 749 Northeast Average 745 744 PNC Bank Citizens Bank 737 Citibank 732 Sovereign Bank 694 Included in the study, but not ranked due to small sample size are Fulton Bank, Community Bank, First National Bank of Pennsylvania, Peoples United Bank, Webster Bank, KeyBank, First Niagara Bank and HSBC. Included in the Northeast region are Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont. Source: 2013 U.S. Small Banking Satisfaction Study SM Charts and graphs extracted from this press release must be accompanied by a statement identifying as the publisher and the 2013 U.S. Small Banking Satisfaction Study SM as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. Power Circle Ratings are derived from consumer ratings in studies. For more information on Power Circle Ratings, visit jdpower.com/faqs. No advertising or other promotional use can be made of the information in this release or survey results without the express prior written consent of.
2013 U.S. Small Business Banking Satisfaction Study SM Midwest Region 792 Huntington National Bank 789 U.S. Bank 759 Midwest Region Average 755 PNC Bank 750 BMO Harris Bank 748 Fifth Third Bank 748 738 Included in the study but not ranked due to small sample size are Commerce Bank, Citibank, KeyBank, Charter One, Regions Bank, FirstMerit Bank, Comerica Bank, Associated Bank and TCF National Bank. Included in the Midwest region are Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin. Source: 2013 U.S. Small Business Banking Satisfaction Study SM Charts and graphs extracted from this press release must be accompanied by a statement identifying as the publisher and the 2013 U.S. Small Business Banking Satisfaction Study SM as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. Power Circle Ratings are derived from consumer ratings in studies. For more information on Power Circle Ratings, visit jdpower.com/faqs. No advertising or other promotional use can be made of the information in this release or survey results without the express prior written consent of.
2013 U.S. Small Banking Satisfaction Study SM South Region 794 SunTrust Bank 784 BB&T 781 Regions Bank 768 South Average 764 Capital One 763 PNC Bank 761 761 Citibank 740 730 Included in the study but not ranked due to small sample size are Frost Bank, First Citizens Bank (Bancshares), First Tennessee Bank, M&T Bank, TD Bank, Bank of Oklahoma, Fifth Third Bank, BancorpSouth Bank, U.S. Bank, Arvest Bank, BBVA Compass and Amegy Bank. Included in the South region are Alabama, Arkansas, Delaware, Washington D.C., Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia. Source: 2013 U.S. Small Banking Satisfaction Study SM Charts and graphs extracted from this press release must be accompanied by a statement identifying as the publisher and the 2013 U.S. Small Banking Satisfaction Study SM as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. Power Circle Ratings are derived from consumer ratings in studies. For more information on Power Circle Ratings, visit jdpower.com/faqs. No advertising or other promotional use can be made of the information in this release or survey results without the express prior written consent of.
2013 U.S. Small Business Banking Satisfaction Study SM West Region 781 U.S. Bank 749 West Region Average Citibank 740 Union Bank 738 Bank of the West 734 720 Included in the study, but not ranked due to small sample size are Nevada State Bank, Umpqua Bank, Zions First National Bank, KeyBank, California Bank & Trust, Comerica Bank and BBVA Compass. Included in the West region are Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington and Wyoming. Source: 2013 U.S. Small Business Banking Satisfaction Study SM Charts and graphs extracted from this press release must be accompanied by a statement identifying as the publisher and the 2013 U.S. Small Business Banking Satisfaction Study SM as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. Power Circle Ratings are derived from consumer ratings in studies. For more information on Power Circle Ratings, visit jdpower.com/faqs. No advertising or other promotional use can be made of the information in this release or survey results without the express prior written consent of.