Small Businesses Less Satisfied With Banks
Written by Ken Gaebler
Entrepreneurs less satisfied with banks than last year
Small business owners are feeling less satisfied with their banks in recent months, according to one recent study by J.D. Power and Associates.
The U.S. Small Business Banking Satisfaction Study revealed that entrepreneurs' satisfaction with their banking institutions had fallen to a score of 711 on a 1,000 point scale. The numbers were down from a score of 718 last year and focused on a number of different factors when gauging people's feelings, including: account manager, facility, problem resolution, credit service, account actives and fees.
"Despite a sense of optimism in the industry among small business owners, it appears that their financial institutions are failing to keep up with their expectations," said Michael Beird, director of banking services at J.D. Power. "Banks that are able to deliver on key practices and partner with their small business customers have an opportunity to differentiate themselves."
Banks all over the country have struggled. According to the Federal Deposit Insurance Corporation, there have been 157 bank failures this year.
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