Executive Brief: Channel Preferences of Small Business Owners
While individual small business customers may use some or all of the banking channels available to them – branch, online, mobile app, ATM, contact center – they will favor some over others for particular tasks. To better serve their small business clients, banks and credit unions need to understand the drivers of these channel preferences.
How do small businesses prefer to contact their bank? How do they like to be contacted by their bank? What channels do they prefer for day-to-day transactions such as check deposit or bill pay? For financial advice, what are the preferred channels?
The answers to these and related questions – the focus of this Executive Brief – should help to inform small business banking strategies and are relevant to bank efforts to develop long-lasting and loyal relationships with their customers.
The data and analysis that form the basis for this Executive Brief are derived from The 8th Edition ath Power Small Business Banking Study™. For this study, ath Power surveyed 386 small business owners from across the country to assess their business banking needs and evaluate their current business banking experience. Through a combination of quantitative and qualitative questions, ath Power sought to determine the following aspects:
- Identify the priorities for small business owners in selecting a financial institution, as well as those that maintain the relationship.
- Examine how banks are performing with regard to these priorities, and what drives the overall relationship.
- Assess how small business owners currently conduct their business banking and how they would prefer to do so.
- Evaluate the prevalence and depth of current relationship manager and business banking customer relationships.