US bank satisfaction ratings hit record high among small businesses - Business Insider

J.D. Power's recently released 2020 US Small Business Banking Satisfaction Study. Overall customer satisfaction hit 822 on a 1,000 point scale. The study was conducted between June and August—coinciding with the PPP's second round—and 36% of respondents had applied for a PPP loan through their primary bank. Banks' handling of the PPP process was a major factor influencing small business banking customer satisfaction.

for being slow to process applications, prioritizing their existing clients instead of processing applications in the order they received them, and favoring larger loan requests.

While they grapple with the process, maintaining strong communication and informational resources will be key for banks in easing the burden on their customers—and ultimately boosting loyalty and helping them maintain high customer satisfaction among small businesses in the long term. One way to do this is by assigning dedicated account managers to small business clients, as J.D. Power notes that satisfaction is "significantly higher" among respondents that have these relationships.

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