New survey shows that small businesses prefer people-first banking

KNOXVILLE, Tenn., May 27, 2026 /PRNewswire/ -- In recognition of Small Business Month, SouthEast Bank today released findings from a recent small business banking survey that underscore one clear theme: small business owners place the highest value on personalized service, including responsive support and local decision-making.

The digital survey included input from nearly 200 respondents comprising current small business clients of both SouthEast Bank and  various other financial institutions.

Across all respondents, the top "most valued" attributes were personalized service and local decision-making, ahead of competitive rates and digital tools, a contrast that suggests that loyalty is most influenced by how service is delivered, not pricing or technology alone.

• Approximately 94% of respondents say personalized service is important, and 30.7% chose personalized service as their most valued banking attribute.
• 20.5% of respondents chose competitive rates as their most valued banking attribute, and 74% say rates would influence switching.
• Approximately 93% of respondents say local loan decisions are important, and 28.4% chose local decision-making as their most valued banking attribute.
• 17% of respondents chose digital banking tools as their most valued banking attribute, and 41% say technology would influence switching.

In short, while rates and digital tools matter, they are most meaningful when delivered through established, trusted relationships, and banking decisions need to be made close to the communities that businesses call home. Disappointment comes with a lack of personal attention, slow response times, high or unclear fees and limited flexibility at the local level.

"Our research confirms what we hear every day from the East Tennessee entrepreneurs and small businesses that we serve," SouthEast Bank Vice President, Regional Banking Manager, Melissa Maciejewski said. "While competitive rates, digital services and other technology offerings and banking products are important, they only really benefit a small business when paired with the personalized support of a trusted expert. Business owners want a banking a partner who knows them, understands their cash flow and financial needs and responds quickly."

According to the U.S. Small Business Administration's Office of Advocacy, there are more than 740,000 small businesses in Tennessee, accounting for 99.5% of all businesses in the state. About 30% of these small businesses have employees; they employ 1.2 million people, which is 41.5% of all Tennessee employees.

Furthermore, the Tennessee Department of Economic and Community Development (TNECD) estimates the total combined value of sales, shipments or revenue of Tennessee small businesses at more than $5 trillion.

"Small businesses are the backbone of our communities," Maciejewski said. "We hope these insights help business owners evaluate whether their banking relationship is truly supporting both their day-to-day needs and long-term financial goals. At the end of the day, we're all in business to make a living, make a difference and make a life for our families and other families in our communities. Small businesses deserve partnerships that make the most of their money and their time and resources – with reliability and convenience."

When comparing and contrasting responses from SouthEast Bank customers and those of other financial institutions, results show that businesses served by SouthEast Bank report significantly higher satisfaction, stronger loyalty and a greater likelihood to recommend their bank compared to peers banking elsewhere.

More than 93% of SouthEast Bank customers were likely to recommend the bank, whereas 78% of other financial institution customers would recommend their financial institution. The survey findings show that SouthEast Bank customers consistently cited personalized service, named banker relationships, responsiveness and local decision-making as the primary reasons for their high satisfaction. In contrast, small businesses banking with other institutions frequently reported frustrations related to impersonal service, slow response times, limited flexibility and lack of local authority – along with high fees and limited technology.

While good rates and digital tools remain important considerations for business banking, the survey suggests these factors alone are rarely enough to drive loyalty. Instead, meaningful relationships and access to local decision-makers drive the largest gap between highly satisfied customers and those who feel disconnected from their bank.

"The findings reinforce the role community banks play in delivering value beyond transactions – through trust, responsiveness and local engagement," Maciejewski said. "Small businesses owners know they have to deliver superior level of service to their customers, alongside quality products sand services, and they deserve the same from their banking institution."

To learn more about this study and SouthEast Bank's approach to small business banking, visit www.southeastbank.com/BusinessSurvey2026  

About SouthEast Bank
SouthEast Bank is a community bank headquartered in Farragut, Tennessee. With assets in excess of $3.3 billion, SouthEast Bank offers a full suite of loan and deposit products and services for families and businesses throughout Middle and East Tennessee, including its specialty consumer loan division, ELFI, which specializes in educational loan programs. SouthEast Bank is committed to the financial success of its customers, employees, and communities. Local decision-making and community involvement have been the driving successes of SouthEast Bank since its inception. Member FDIC. 

For more information, visit southeastbank.com or call 1-844-732-2657. 

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SOURCE SouthEast Bank Corporation