As Middle Market Companies in the U.S. Go Digital, Increased Pressure on Banks to Keep Up

Coalition Greenwich Announces 2023 Greenwich Excellence, Best Brand and Share Leaders in U.S. Middle Market Banking

STAMFORD, Conn.--(BUSINESS WIRE)--Middle market companies are going digital, and the transition is shaking up the U.S. commercial banking business.

Across the U.S. commercial banking industry, companies’ perceptions of their banks’ digital offerings have been on the decline since 2020, even as banks continue investing heavily into their digital platforms. New data from Coalition Greenwich suggests the deterioration in ratings has less to do with the quality of bank platforms and more to do with rising expectations of increasingly digital-oriented and tech-savvy middle-market companies.

The Greenwich Business Community is a forum for over 28,000 U.S. small businesses and midsize companies to voice their feedback and to evaluate their banks for overall satisfaction, customer service, operational accuracy, and other categories. When asked to provide feedback on their banks, more than 60% of companies with annual sales between $150 million and $2 billion describe their businesses as “digitally native,” or organizations whose core operations, business model and customer interactions are rooted in digital technologies and online platforms. Adapting to the needs of this growing population of “digitally native” businesses will be crucial for commercial banks to stay relevant and competitive in the evolving market environment.

“Satisfying the demands of these companies requires considerable effort and investment on the part of banks,” says Chris McDonnell, Head of Community, Commercial and Digital Banking Analytics at Coalition Greenwich. “Commercial banks need to continuously upgrade both their technology offerings and support to improve platforms, to roll out better mobile solutions, to offer flexible APIs, and—above all else—to provide strong security measures.”

The 2023 Greenwich Award winners in U.S. Middle Market Banking stand out for leveraging digital banking and delivering superior service to U.S. middle market companies.

The complete list of the 2023 Greenwich Excellence Award winners in U.S. Middle Market Banking.
The complete list of the 2023 Greenwich Best Brand Award winners in U.S. Middle Market Banking.
The complete list of the 2023 Greenwich Share Leaders in U.S. Middle Market Banking.