A JD Power study has found that usage of mobile banking is rising among small business customers in the US.
According to the JD Power 2019 US Small Business Banking Satisfaction Study, 61% of small business customers use banking app. The figure is significantly higher compared to 53% in 2018.
Nearly two-third (67%) of the respondents who use mobile banking said that they will ‘definitely’ call on their bank for next service. The figure stood at 53% among non-mobile banking users.
Overall, small business banking customer satisfaction was 820 on a 1,000-point scale this year, increasing 20 points from 2018.
Additionally, the study highlighted that mobile banking users expressed higher levels of satisfaction over those who don’t use banking apps.
Among mobile users, the figure stood at 837, much higher than 794 point satisfaction level among non-users.
The usage of mobile banking is highest among high-growth businesses (71%). Also, the younger generation tend to use banking apps more, compared to older age groups.
Around 71% of small business customers below age 40 use mobile banking. The figure slips to 54% in the age group 40 or older.
JD Power Banking Intelligence vice-president Bob Neuhaus said: “Bank investments in mobile offerings are starting to pay off in the form of higher satisfaction scores as a critical mass of small business customers adopts the technology.
“This has been a major challenge for banks for many years as they’ve tried to balance the high-touch customer service needs of the small business banking segment with the high cost of providing hands-on account management.
“Now, for the first time, we’re starting to see well-designed mobile banking offerings contribute to improved customer relationship management.”
The JD Power study included responses from 8,287 small business owners or financial decision-makers using business banking services.