Are banks facing an exodus of small-to-midsized business (SMB) customers? We surveyed hundreds of SMB owners across the country to find out what matters most in their banking relationships and, more importantly, how their banks measure up in meeting those expectations.
The results should be a wake-up call to banks of all sizes and stripes.
Key insights from the study include:
- SMBs Are Not Thrilled: 14 percent of SMBs switched banks in the past 12 months and nearly one-third are now seeking recommendations from peers for making a change. Pricing and service are drivers, but a lack of desired products/services is playing a role.
- Digital Payment Adoption Outpacing Consumers: 40 percent of SMBs used a mobile service to pay a vendor in the prior 30 days; usage is roughly split between the primary bank’s service and third-party P2P services.
Join us for a webinar featuring insights and observations from the 2017 Performance Against Customer Expectations (PACE) Report, FIS’ annual signature research study, which for the first time included a survey specifically targeted at SMB owners.