News

Small retailers embracing mobile banking

November 25, 2019

Mobile banking has crossed a bit of a threshold with small business customers given increasing customer satisfaction ratings and banks are beginning to see reduced reliance on customer account managers.

The J.D. Power 2019 U.S. Small Business Banking Satisfaction Survey shows 61% of small business customers use their bank's mobile app, compared with 53% of small business customers in the 2018 survey, according to a press release.

"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 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 of 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