Big and mid-sized banks are making up for lost ground with small business customers, while the regional banks between the big and mid-sized players have lost ground, according to J.D. Powers small business banking satisfaction study.
The big banks benefit from large branch and ATM networks, plus self-service options and personal service. This has enabled those banks to improve their score on J.D. Powers ranking to 768 from 749 on a 1,000-point scale. The mid-sized banks were able to keep small businesses happy with a combination of low fees and improving technology, surging 18 points to 780 from 762. The study, in its ninth year, measures small business satisfaction by examining eight factors: product offering; account manager; facility; account information; problem resolution; credit services; fees and channel activities.
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