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J.D. Power and Associates Reports: In an Environment of Tightened Credit for Small Business Banking Customers, Banks That Foster Highly Satisfied Customers May Yield 20 Percent More Revenue.

Article Excerpt
In the face of daunting market challenges for small business banking customers, banks have an opportunity to differentiate themselves--and could potentially increase revenue by 20 percent--by delivering a more satisfying experience, according to the J.D. Power and Associates 2009 Small Business Banking Satisfaction Study(SM) released. In particular, effective relationship management is critical in raising and maintaining high levels of satisfaction.

The study, redesigned for 2009, finds that nearly one-half (48%) of small business customers have a negative outlook about the economy, which may be impacted by tighter credit conditions. For example, among business owners who applied for loans within the past six months, 67 percent of those loans required personal guarantees, compared with 52 percent of loans made three or more years ago. In addition, the average time to approve and fund loans...

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