CHARLOTTE — Wells Fargo & Co. landed last among U.S. banks in J.D. Power’s recent study on small-business banking satisfaction. That study also labeled half of small businesses nationwide as financially unhealthy.
Charlotte-based Truist Financial Corp. didn’t fare much better than Wells’ score of 631 points for small-business customer satisfaction. Truist received a below-industry average score of 650 out of 1,000 points, which ranked it third from last of the 18 banks listed. The industry average score was 672 points. Charlotte-based Bank of America Corp. ranked near the middle with a score of 678 points.
The study shows that small businesses are currently seeking advice from their bank in three main areas: reducing banking fees, improving their financial situation and understanding how the bank’s technology can benefit them.
Key economic challenges compelling small-business owners to seek guidance include ongoing supply-chain issues (44%), inflation (60%) and talent shortages/acquisition (36%). Small-business banking customers, however, are receiving only transactional advice or none at all from their bank, according to J.D. Power.
Read more here for the full list of U.S. banks’ scores for small-business banking satisfaction.
(WATCH BELOW: Wells Fargo discontinuing all personal lines of credit)
:quality(70)/d1hfln2sfez66z.cloudfront.net/07-09-2021/t_5f0becf9e4874bd68e2f8347a2512b6d_name_wells_fargo.jpg)
©2022 Cox Media Group
