STAMFORD, Conn.--(BUSINESS WIRE)--The future of banking might be digital, but branch service continues to play an important role in small business banking. That’s one of the primary takeaways of the 2017 Greenwich Excellence Awards in Small Business Banking, which recognize banks that deliver outstanding quality to small business clients.
At the top of the list for 2017 winners are Frost Bank and Pinnacle Financial, which each won 18 Greenwich Excellence Awards, BB&T, which won 17, and First Citizens Bank and First Tennessee, which each won 15. In addition to taking home multiple awards, all of those banks also won Greenwich Excellence Awards at the National Level in Overall Satisfaction.
Bye-Bye Branches? Not So Fast…
Amid an ongoing debate about the importance and future of bank branches in an industry and a society quickly moving into the digital age, 11 banks won Greenwich Excellence Awards in Small Business Banking for Branch Satisfaction.
“The fact that nine of those 11 also won national awards for Small Business Banking shows that the quality of branch service remains an important criteria for small business clients and that branches remain a highly relevant channel for banks competing in this segment,” says Greenwich Associates Managing Director Duncan Banfield.
Digital Banking Excellence
Greenwich Associates expanded its Excellence Award coverage of digital banking by adding new categories covering online, mobile and the overall digital experience in cash management. In 2017, the following banks won Small Business Banking Greenwich Excellence Awards in Overall Digital Experience in Cash Management: BB&T, Chase, First Citizens Bank, Frost Bank, Pinnacle Financial, and PNC Bank.
“Banks that have committed to competing for small business banking relationships on the basis of quality are achieving results in the form of improved client satisfaction across a growing number of products and services,” says Greenwich Associates consultant Dana Schwaeber.
2017 Greenwich Excellence Award Winners
Greenwich Associates evaluated the Small Business Banking platforms of more than 600 banks in the U.S. in 2017. Of these, only 33 had the distinctive quality required to win a Greenwich Excellence Award.
The Greenwich Excellence Awards are based on interviews with over 15,000 small business banking clients with sales of $1–10 million and cover a range of product and service categories, including Overall Satisfaction, Likelihood to Recommend, Credit Process, Ease of Product Implementation, Customer Service, and other important factors.