Don’t Kill Business Banking Relationships With Digital

Don’t Kill Business Banking Relationships With Digital

Article from: The Financial Brand

Digital transformation may be all the rage in the retail banking world. But businesses say live bankers are still a key part of the service. In their attempts to compete with online business lenders, some financial institutions may have gone too far.

Online business lenders often turn around a loan request fast, and offer business owners the ability to apply at any time on any device. Important considerations, to be sure, but not the only ones. What they generally don’t offer is a face or a place — areas where traditional lenders have an edge.

New research suggests large and regional financial institutions are losing their edge on the human side of the equation. Businesses these days still crave the value of working with a live banker in a branch who really understands what they do and what they need. Banking brands that want to build strong relationships with businesses will need a blend of digital, data and good old fashioned human-powered gut instinct.

The findings from a J.D. Power study of small business leaders reveals their feelings about the level of service provided by larger banking providers. The research uncovered some disturbing numbers. According to the firm’s latest U.S. Small Business Banking Satisfaction Study:

  • Only 37% of small business operators feel their bank appreciates their business
  • Only 32% think their bank understands their business
  • Only 23% say their institution anticipates their banking needs 

  

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