Digital Tools Helping Banks Patch Up Relationships with Small Businesses
Coalition Greenwich Announces winners of 2021 Greenwich Excellence, Best Brand and Share Leader Awards in U.S. Small Business Banking
Digital banking tools adopted during the pandemic are helping mend relationships between small businesses and their banks.
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“While some larger companies that have traditionally gotten more in-person service from bankers might have mixed feelings about moving to digital channels, for most small businesses the shift to digital means less time on the telephone and fewer trips to the local branch”
Relationships between small businesses and their banks are improving. Companies’ resentments about a perceived lack of support from banks during the COVID-19 crisis and the inconsistent PPP application process are receding. As they do, fewer small businesses are leaving their banks for new providers.
Falling turnover rates suggest that memories from the COVID-19 crisis are having less influence over provider selection, and that small businesses are increasingly judging their banks by more conventional satisfaction standards. In fact, small business owners and executives are expressing satisfaction with certain new elements of those banking relationships. In particular, the digital banking tools rolled out by banks and adopted by companies during the pandemic are making banking more convenient.
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“While some larger companies that have traditionally gotten more in-person service from bankers might have mixed feelings about moving to digital channels, for most small businesses the shift to digital means less time on the telephone and fewer trips to the local branch,” says Chris McDonnell, Head of Digital Benchmarking at Coalition Greenwich. “So in the wake of the pandemic, banks that commit to a high-quality digital experience have a real opportunity to strengthen relationships with small businesses.”
Even before the COVID-19 crisis, “ease of doing business” was a big consideration for small businesses when it came to assessing banks. Documentation requirements and other paperwork burdens create persistent pain points for small business owners. Those headaches compounded during the PPP process but since then, a number of banks across the country have set themselves apart from competitors and won over clients by delivering exceptional service.
“The 2021 Greenwich Award winners in U.S. Small Business Banking stand out for their ability to combine high quality day-to-day service, innovative digital banking tools and insights that help optimize business performance,” says Chris McDonnell.
