Small business banking customers are increasingly satisfied with the service they are receiving from banks and are confident that banks can meet their future needs.
According to the J.D. Power 2024 U.S. Small Business Banking Satisfaction Study, overall customer satisfaction among small business owners increased by 20 points this year to 705 points, on a 1,000-point scale.
Positive economic outlooks and improvements by banks are credited with increased satisfaction.
“Small businesses are not out of the woods yet,” Paul McAdam, senior director of banking and payments intelligence at J.D. Power, said in a statement. “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.”
Overall satisfaction with financial health support increased by 34 points this year. Small business owners are increasingly turning to their banks for information on how to reduce fees, deal with debt, and improve overall creditworthiness according to the report.
Capital One ranked highest nationally in small business banking customer satisfaction for a second consecutive year, with a score of 736.
Chase (729) ranked second. The study average was a score of 705 which Bank of America attained.