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People's United Bank shines at customer experience, report reveals

Millennial small business owners may bring big disruption to the banking industry, reveals report.

April 21, 2016

When it comes to top customer experience People's United Bank is leading the small business banking pack. Right behind are BB&T and Commerce Bank, according to the ath Power Small Business Banking study.

Breaking into the top five rankings for the first time is Bank of America, which boasted the biggest score increase, according to an announcement. The study is a detailed assessment by nearly 1,000 small business owners providing insight on branch visit experiences.

The report notes millennial small business owners may ignite disruption in the industry as they are more demanding regarding convenience and service and use more technology than other banking populations. Nearly three quarters, 72 percent, use mobile banking for business compared to 42 percent of older small business owners.

"As millennial growth continues in the marketplace, traditional banking institutions will need to make adjustments in order to meet increased expectations for product convenience, speed of service, and higher levels of trust and engagement," said Frank Aloi, ath Power founder and CEO. "Banker knowledge and organizational trust are key drivers of both acquisition and loyalty for this SBO cohort (as well as others). More than ever, bankers need to act as true Trusted Advisors, and be able to do so remotely."