Banks Don’t Meet Expectations


    Canadian banks are not fully meeting the expectations of small business customers in relationship management, problem prevention and resolution, and differentiated service offerings, says the ‘2012 Canadian Small Business Banking Satisfaction Study’ by J.D. Power and Associates. Overall satisfaction among small business banking customers in Canada averages 728 (on a 1,000-point scale), which is 25 points below the Canadian retail banking average of 753. The consequences of this lower level of satisfaction are pronounced. The study finds that small business customers of banks that fail to deliver a high level of satisfaction are more likely to switch banks. Among highly satisfied small business customers (overall satisfaction of 801 or higher), only two per cent say they ‘definitely will’ or ‘probably will’ switch banks in the next 12 months, compared with 25 per cent of those with low satisfaction (scores of 600 or below) who say they may.