Why Small Businesses are Turning Away from Big Banks
Small businesses are increasingly seeking alternatives to traditional banking. While large national banks may offer a wide range of services, many SMBs are turning to local banks and credit unions. This shift is particularly pronounced among smaller businesses, who value personalized and convenient local branches.
Discover more in the survey report including:
- Many rural and lower-revenue SMBs choose a local bank or CU over a big national bank for more personalized service and easy access.
- 2 in 10 SMBs with lower revenues consider switching banks.
- Smaller FIs stand out for community involvement but lag in digital offerings.
