Small Business Owners Want Strong Relationships With Their Banks

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