JD Power survey shows small businesses finally embracing mobile banking


JD Power survey shows small businesses finally embracing mobile banking

Mobile banking has finally crossed a bit of a threshold with small business customers, as customer satisfaction ratings are up in new J.D. Power survey, while banks are beginning to see reduced reliance on customer account managers.

The J.D. Power 2019 U.S. Small Business Banking Satisfaction Survey shows that 61% of small business customers now use their bank’s mobile app, compared with 53% of small business customers in the 2018 survey. 

“Bank investments in mobile offerings are starting to pay off in the form of higher satisfaction scores as a critical mass of small business customers adopts the technology,” Bob Neuhaus, vice president, J.D. Power Banking Intelligence, said in the press release. “This has been a major challenge for banks for many years as they’ve tried to balance the high touch customer service needs of the small-business banking segment with the high cost of providing hands on account management.” 

Among regional bank brands, Huntington ranked the highest in the Midwest, with a score of 852 out of 1,000 followed by Chase and PNC Bank. 

Capital One ranked highest in the Northeast with a score of 850, followed by Chase and Citizens Bank. 

TD Bank ranked highest in the South with a score o 854, followed by Chase and Regions Bank. 

Lastly, Chase ranked highest out West, with a score of 831, while Bank of the West and Union Bank came in second and third. 

Cover image: iStock

Topics: Mobile Apps, Mobile Banking, Trends / Statistics

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