A study by NFO Financial Services conducted earlier this year showed that small business owners are changing financial services providers at the fastest rate in years. The study points to Internet rate shopping and the similarity of product offerings as drivers of this trend.
Business owners switching financial institutions for at least one product or service totaled 8%, an increase of more than 20% year over year.
The top ten financial institutions providing services to small businesses ranked by loyalty of their customers were.
- Sun Trust
Bank of America
JP Morgan Chase
Read more about survey of small business loyalty and financial institutions.