Welcome!

News Feed Item

Mobile Banking Proves To Be Driving Factor For Small Business Owners When Choosing A Bank

-- Bank of the West, Associated Bank and Chase top the charts in annual ath Power Study --

BOSTON, Jan. 7, 2014 /PRNewswire/ -- ath Power Consulting, a leading financial services research and strategy firm, today announced the results of The ath Power Small Business Banking Study™, which annually assesses small business banking customer experience at banks, nationwide.  This year, the top performing banks were Bank of the West, Associated Bank and Chase.  The average ranking on overall customer experience was 71 out of a possible 100 points, a decline from last year's average of 74.

"While overall scores have decreased, the nation's largest banks achieved their highest scores since the study began," said Frank Aloi, CEO, ath Power.  "This demonstrates their increased efforts to acquire the highly coveted small business customer."

Based on more than 800 in-person branch visits by prospective Small Business Owners (SBOs) at banks across the U.S.,The ath Power Small Business Banking Study™ revealed what small business clients expect from their banking relationship, gaps in the service experience and how banks measured up in this all-important market segment.

A significant finding from this year's study was the impact of a bank's mobile banking offering.  Sixty-six percent of SBOs said they would be likely to switch banks for one with a superior mobile offering.  Conversely, despite its growing prevalence and importance to SBOs, 37% of bankers in the study failed to even mention their bank's mobile offering.

"Mobile represents opportunities and challenges for banks to attract and retain small business clientele," said Aloi.  "Banks with mobile offerings tailored specifically for small business will achieve success by delivering differentiated features and functionality not available in standard mobile banking services." 

Results also revealed that bankers from the highest rated banks were significantly better at determining needs and building rapport with prospective customers.  Of those SBOs who reported that the banker built a rapport with them, 91% said they would become a customer compared to 28% of those who did not.

"Personal connections remain critical for banks seeking to acquire new small business customers," Aloi said. "The most successful institutions are training bankers on how to build rapport and then using applicable research and coaching to continuously improve."

The study further uncovered missed opportunities for sales, as only about half (52%) of the SBOs were actually asked to open an account during their visit to the bank.

Regionally, the top rated banks in this year's study were:

  • West: Bank of the West, US Bank, Citibank
  • Midwest: Comerica, Chase, Associated Bank
  • South: Chase, Comerica, Wells Fargo
  • Mid-Atlantic: Citibank, Wells Fargo, SunTrust Bank
  • Northeast: PNC Bank, M&T Bank, RBS Citizens

About the Study
Now in its sixth year, The ath Power Small Business Banking Study™ is a detailed assessment of the sales and service processes, product and service offerings, delivery methods and customer experiences of the nation's premier institutions within the small business banking target market.  Visit www.athpower.com/home/smallbusinessbanking.php to learn more or order this report.

About ath Power Consulting
ath Power is a premier provider of customer experience solutions for the financial services industry, offering competitive intelligence, survey research, mystery shop study, compliance auditing, market analyses, employee training and development, and strategic consulting.  Since 1997, ath Power has helped improve customer retention, build brand loyalty, ensure compliance and increase profitability, performance and market share for financial services organizations across North America. To learn more, please visit www.athpower.com.

Media Contact:
Jessica Hamel
ath Power Consulting
978-474-6464, extension 107
[email protected]

SOURCE ath Power Consulting

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
As you respond to increasing requests for new analytics, you need fast and flexible technology in your arsenal so that you can deploy the right workload to the right platform for the need at hand. Do you need self-service and fast time to value? Do you have data and application control and privacy needs, along with strict SLAs to meet? IBM dashDB™ is data warehouse technology powered by in-memory computing and in-database analytics that are designed for fast results, scalability and more.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...
The paradigm has shifted. A Gartner survey shows that 43% of organizations are using or plan to implement the Internet of Things in 2016. However, not just a handful of companies are still using the old-style ad-hoc trial-and-error ways, unaware of the critical barriers, paint points, traps, and hidden roadblocks. How can you become a winner? In his session at @ThingsExpo, Tony Shan will present a methodical approach to guide the holistic adoption and enablement of IoT implementations. This ov...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...