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More than a third of small companies rate service they receive from their own primary bank as no better than average, according to Greenwich Associates, a consulting firm based in Greenwich, Conn.
In a survey conducted by the consulting firm this year of the financial decision makers at 269 small companies and 332 midsize firms, less than 25% rated their primary bank's service as excellent.
"When three-quarters of businesses cite satisfaction levels as less than excellent, it's apparent many are not receiving the kind of attention or service they believe they deserve," says consultant Robert Neuhaus.
One measurement of bank service for companies is how often bank "relationship managers" visit their client firms. In the Greenwich Associates' survey, 86% of small businesses said the number of visits were at, or below, the minimum number of visits expected.
"Regular face-to-face contact," is one of the most important factors in the customers' perception of the quality of service, says Greenwich Associates consultant, Pete Garrison.
In evaluating their relationship officers, the top criteria for small-business decision makers were following up on requests quickly, meeting credit needs, and providing innovative advice and ideas.
On the creative side, 40% said that their primary banks' managers did provide creative ideas, rating them above average or excellent.
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