Banks Still Have A Ways to Go in Addressing Small Biz Needs

by Erin McCune on May 7, 2008

in Banking


A new report from Aite
explores small business customer satisfaction and concludes that about
half of small businesses are satisfied with the customer service,
online banking capabilities, and ease of use of online banking
applications offered by their bank.


The report
reveals that small businesses have become a major target market for
financial institutions of all sizes. This once-ignored customer segment
is growing in sophistication, and increasingly requires advanced
financial products. Aite Group forecasts that small businesses will
spend almost US$400 billion on financial products this year, a number
expected to exceed US$475 billion by 2010. In order to reap the
benefits of this potential revenue stream, financial institutions must
take greater steps to better understand the specific needs and banking
preferences of these businesses. Only about one-half of surveyed small
businesses are "extremely satisfied" with the level of customer
service, online banking capabilities and ease of use of the online
banking applications provided by their financial institutions. In other
areas, the percentage declaring extreme satisfaction is far less.




Learn more:


Snapshot of the Small-Business Customer Segment: A Survey of 303

Aite Group
May 7, 2008


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