- Small businesses that applied for Paycheck Protection Program (P3) loans reported 32 points higher customer satisfaction – 853 on a 1,000 point scale – than those that did not apply for a P3 loan. found JD Power in a poll last week. That number climbs to 869 among small businesses that have completed the loan forgiveness process, JD Power has found.
- As with previous editions of this survey, the results have been broken down into regions. Respondents ranked JPMorgan Chase the highest in the Northeast, with 859 points. Chase also finished tied for first in the West region – alongside Bank of the West – with 829 points. Bank of America topped the Midwest for the second year in a row, with 859 points. And TD Bank ranked first in the South, at 865.
- Customer satisfaction is on average 73 points higher – 859 – when an account manager is assigned to the company, JD Power found.
The JD Power survey included responses collected between June and August from 7,327 small business owners and “financial decision makers.”
The research firm found that customer satisfaction ranked 13 points higher, on average – 829, among customers of national banks, as opposed to those of regional banks. Customers of domestic banks, in general, also reported an easier loan cancellation process, JD Power said.
About 28% of small business owners said COVID-19 continues to have a serious or major effect on their business, the researcher found. Just over half – 52% – reported being financially stable and having access to the capital / credit needed to meet their business needs. About 26% said they were financially stressed and 23% said they were financially vulnerable, according to JD Power.
“Banks can leverage the customer goodwill generated by PPP by providing solutions and information to address the range of financial challenges facing small businesses, including access to timely credit, improving the solvency of companies, building up savings to cover a cash flow deficit and adequate insurance coverage, “mentioned Paul McAdam, Senior Director of Banking Intelligence and Payments at JD Power.
JPMorgan’s victory in the North East comes after two consecutive years behind Capital One. (Chase ranked second in the region last year.) Bank of America and TD are tied for second in the Northeast this year at 830.
Chase continued his stretch to the West Summit. This would be the ninth consecutive year for the bank to rank first in the region, albeit tied. US Bank ranked third in the West with 825.
Bank of America, which scored a victory in the Midwest last year, widened its lead to 20 points over PNC’s 839. Huntington placed third in the region, at 835.
Last year’s top-ranked bank in the South, Capital One, did not make the region’s top three this year. JPMorgan Chase took second, at 861, behind TD. Wells Fargo placed third, at 843.