In the 2014 J.D. Power Small Business Banking Satisfaction Study, small business owners indicated that a key component of a positive banking experience is the relationship they have with their account manager. The survey was released on October 28, 2014, and polled business owners from across the country.
The survey found that, for instances where the account manager is not viewed as a trusted advisor or there is no, one manager of the account, there is a a significant decrease in satisfaction than those with an assigned account manager, an average of 643 compared to 723 on a 1,000 point scale.
Account managers have the ability to build relationships with clients, making it easier to assess the customer’s creditworthiness and ability to take on a new loan. With a better understanding of qualitative factors of the client, such as character and business plans, bankers are better equipped to manage the loan as necessary, and small business owners feel more comfortable knowing they have someone to go to with financing needs and a champion within the organization.
Additionally, by having an in-depth knowledge of the account, account managers are able to help maximize the bank’s return on investment (ROI) and have a significant impact on customer satisfaction by increasing loyalty and deepening the share-of-wallet customers hold at the bank, according to J.D. Power.
The survey also asked participants to indicate the qualities that make an account manager a trusted advisor. Regular contact from the account manager topped the list, with 90 percent of respondents indicating contact is the most important component of a banking relationship. It is interesting to note that this contact does not have to be in person, as only 73 percent of respondents indicated in-person interaction is important.