Are your business customers looking to switch banks?

Description

Abstract: A recent survey revealed that nearly half of small and middle-market companies in the U.S. are “actively seeking a new bank or would consider changing banks if presented with a compelling offer.” The main reasons companies want to switch banks are “lack of demonstrated commitment to the business,” “poor communication” and “uncertainty regarding financial health.” But many banks should be able to reverse the trend and hold onto customers by improving communications, making credit decisions on a case-by-case basis, showing more appreciation for long-term customers and providing greater transparency for their own financial condition.