Lots of companies are vying for small and midsized business (SMB) banking relationships so it’s important to look at exactly what SMBs like about their current bank, and where banks are falling short. Bredin’s recent SMB Pulse survey of 500 U.S.-based SMB principals reveals how SMBs feel about their bank, and why.
Forty-three percent of SMBs with 100 to 500 employees rate their bank a 10 out of 10 on satisfaction. That’s 12 percentage points higher than SMBs with 20 to 99 employees, and 18 percentage points higher than those with fewer than 20 employees.
We asked SMBs whether their satisfaction with their bank has changed in the past twelve months. Roughly one in ten respondents indicated that their satisfaction has decreased, regardless of company size. However, more respondents indicated that their satisfaction has increased, with larger SMBs significantly more likely to report increased satisfaction.
The drivers of increased satisfaction vary with company size. For example, the smallest and largest SMBs are most likely to say their satisfaction increased because their bank improved its mobile and/or online experience. Those two groups were next most satisfied with their bank’s introduction of new offerings. SMBs with 20 to 99 employees, however, got their biggest satisfaction increase from being approved for credit, followed by getting useful business management advice.
Across the board, the biggest driver of decreased satisfaction was fee increases. After that, the drivers of decreased satisfaction vary by headcount. For example, the largest SMBs are most (and equally) disenchanted with failure to resolve problems effectively, and poor service from their account manager. SMBs with 20 to 99 employees cite branch closures and appearance, and branch service. Those with fewer than 20 employees cite poor problem resolution, and lack of innovation.
Need help understanding and/or engaging your SMB target? Bredin can keep you up to date on evolving SMB needs and challenges through quick-turn, actionable market research. We can also help you develop high-value content and social posts to boost SMB awareness, brand perception, leads, conversion and revenue.