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Smaller Banks Have Happier Business Customers
Respondents in a survey of 1,176 businesses rated smaller banks far superior in branch service than larger banks. Barlow Research Associates, Inc. conducted the study.
Only 38 percent of customers of the ten largest U.S. banks were "very" satisfied with branch service, compared to 58 percent for medium-sized banks and 79 percent for banks under $1 billion in assets.
Small banks outranked the top-ten banks in all attributes including accuracy, hours, convenient location and knowledgeable employees.
The survey also found that business customers at merging banks are less satisfied. Overall satisfaction is just 44 percent at merging banks compared to 65 percent at non-merging banks.
A couple of surprises also arose from the survey. Barlow says it found that the average business customer touches his or her bank nearly 50 times per month. Survey results also revealed that while 79 percent of financial executives have the ability to browse the Internet from their offices, only 8 percent have contacted their primary bank's Web site in the last year. In contrast, 64 percent of respondents had e-mailed friends or relatives in the last month, but only 9 percent had e-mailed their primary bank.
Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 12, 12/98
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