BOSTON, April 19, 2016 /PRNewswire/ -- ath Power Consulting, a leading financial services research and strategy firm, today announced the results of The 7th Edition ath Power Small Business Banking Study™, a detailed assessment of small business banking customer experience at financial institutions nationwide. This year, the top overall performing bank was People's United Bank, followed by BB&T and Commerce Bank. Additionally, Bank of America ranked in the top-5 for first time (fifth overall) showing the highest increase in scores among the nation's largest institutions.
Based on nearly 1,000 in-person branch visits by prospective Small Business Owners (SBOs) and a national SBO survey, The ath Power Small Business Banking Study™ revealed what small business clients expect from their banking relationship, gaps in the service experience, and how financial institutions measured up in this key market segment.
Study results found that Millennial SBOs could be a high risk of disruption to the banking industry. They are more demanding when it comes to service and convenience, and much more active in their use of technology - almost three quarters (72%) use mobile banking for their business compared to only 42% of their elder counterparts. Millennials are also most likely to seek financial information from their bank in an online format.
"As Millennial growth continues in the marketplace, traditional banking institutions will need to make adjustments in order to meet increased expectations for product convenience, speed of service, and higher levels of trust and engagement," stated Frank Aloi, ath Power Founder and CEO. "Banker knowledge and organizational trust are key drivers of both acquisition and loyalty for this SBO cohort (as well as others). More than ever, bankers need to act as true Trusted Advisors, and be able to do so remotely."
Insights from the study revealed that overall, when a Trusted Advisor relationship is established, SBOs are more than twice as likely to recommend their bank and rarely show any inclination toward switching banks. Customers who view their business bank as a mere repository for account funds are eight times more likely to indicate a desire to switch.
Regionally, the top rated banks in this year's study were:
- West: Chase, California Bank & Trust, Union Bank of California
- Midwest: Comerica, BMO Harris Bank, U.S. Bank
- South: Bank of America, Comerica, Wells Fargo
- Mid-Atlantic: SunTrust Bank, BB&T, Capital One Bank
- Northeast: People's United Bank, Webster Bank, New York Community Bank
To learn more or order the report, visit: http://www.athpower.com/the-7th-edition-ath-power-small-business-banking-study/.
About ath Power Consulting
ath Power is the premier provider of customer experience solutions for the financial services industry, offering competitive intelligence, survey and shop research, compliance auditing, market analyses, employee training, and strategic consulting. Since 1997, we have helped improve customer retention, build brand loyalty, ensure compliance, and increase profitability for financial institutions across North America. To learn more, visit http://www.athpower.com.
ath Power Consulting
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SOURCE ath Power Consulting