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Majority of Business Owners Use Same Institution for Personal and Business Finances

Understanding the wants and needs to business banking is often viewed as more challenging then consumer banking acknowledge BAI researchers when explaining key findings from the latest BAI Banking Outlook: Business Banking Insights.

In a survey of 600 business owners with annual sales revenue of $20 million or less, BAI sought to help industry leaders better understand what business truly expect from the financial services providers. Insights include:

  • 79 percent of business owners reported using the same provider for their personal and business financial services relationships.
  • Business owners have a lower net promoter score than consumers. Banking consumers have an already low NPS of 35, while business customers have an NPS of 24.
  • The top three reasons why a business owner would choose a new main business financial services provider are lowest fees, best rates and understanding their business needs.
  • Although the majority of business customers visited a branch to open a new account, including deposit accounts, loans and merchant services, nearly 70 percent of business owners would prefer to open a deposit account online, and almost 50 percent would prefer to open a loan online.

The top four customer experience improvements business owners would like are:

  1. Improve the omnichannel experience;
  2. Transform branches for better in-person experiences with experts to help achieve financial goals;
  3. Deliver tools and options to customize solutions; and
  4. Provide more useful real-time content to manage day-to-day banking.

“One of the most important priorities we uncovered is that business owners expect a smooth omnichannel experience, which they are not receiving today,” said Karl Dahlgren, managing director of research for BAI. “Businesses need their financial services provide to make their banking experience easy, so they can focus on running their business. By listening to and understanding the voice of the customer, financial services leaders can seize an opportunity to stand out amongst the competition and provide unparalleled service offerings.”

For more information on the Outlook or to watch a free webinar on the report, click here.

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