Survey spotlights ways banks can tailor business banking products and services to smaller enterprise clients
Most important criteria for selecting a primary bank:
47% Robust relationship management & account servicing
32% Closeness & accessibility of bank branches
27% Lower cost of maintenance (fees, rates, etc.)
20% Awareness and perception of bank’s brand
20% Referral from friend, colleague or other business owner
12% Access to credit and lending products
Source: McKinsey & Company, “2023 SME Survey of US Businesses,” December, 2023