Small business owners in the United States are expressing increasing dissatisfaction with their financial institutions—so much so that a substantial number may switch banks in the next two years.
That’s the conclusion of a report released Monday from the Boston-based research firm, Aite Group. The decline is especially severe among small business owners who are customers of the largest banks, the Aite report said. The Big Four banks — Bank of America [BAC], Citigroup [C], JPMorgan Chase [JPM] and Wells Fargo [WFC]—“were able to exceed expectations of 58% of their small business customers with the usability of their online banking solutions in 2007 while they were only to do so 15% in 2009. Sharp decreases were also seen in their ability to understand customer needs and recommend products,” the report said.
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