Small business banking customers in the U.S. are more satisfied with the service provided by banks, that’s according to the J.D. Power 2024 U.S. Small Business Banking Satisfaction Study.
Banks gained a 20-point increase in overall satisfaction this year, reaching 705 points out of 1,000.
Capital One secured the top rank nationally for small business banking customer satisfaction for the second consecutive year, with a score of 736.
Chase followed closely behind with a score of 729, while Bank of America matched the study average of 705 points.
The rise in satisfaction is attributed to positive economic outlooks and improvements made by banks to meet the needs of small business owners.
Banks have enhanced support for small businesses through tailored financial advice, improved customer service, and investments in staff training, leading to significantly higher customer satisfaction scores.
“Small businesses are not out of the woods yet,” said Paul McAdam, senior director of banking and payments intelligence at J.D. Power. “Increased costs for material and labor are still very much a factor, and future business outlooks have still not risen to pre-pandemic levels, but we are seeing a strong trend toward optimism for the future. Many small businesses have come to see their banks as valuable partners in that journey. In many cases, banks have really doubled down on support for small businesses through tailored financial advice; improved customer support and problem resolution; and investments in training and staff to manage key relationships. These efforts are paying off in the form of significantly higher customer satisfaction scores.”
Despite ongoing challenges like increased costs for materials and labor, there is a growing trend of optimism for the future among small businesses, with many viewing their banks as valuable partners in their journey.
More information about the U.S. Small Business Banking Satisfaction Study, can be found here.
