J.D. Powers survey finds small businesses less satisfied with banks overall than other retail banking customers
The Bank of Nova Scotia is the highest-ranking of the Big Five banks among small businesses for customer satisfaction, according to a new survey from J.D. Power and Associates.
The survey of 1,200 small business owners using business banking services in Canada scored the banks on a scale of 1,000. Scotiabank earned 733 points, followed by Royal Bank of Canada, at 725; TD Canada Trust at 724; Bank of Montreal at 711; and Canadian Imperial Bank of Commerce at 689.
The survey, an inaugural small business banking satisfaction study, also found that Canadian small businesses are less satisfied with their banks overall than other retail banking customers, giving an average score of 728 versus 753 for the average retail banking customer. Yet, the average small business customer has nearly double the deposits and four times higher loans than the average retail customer, according to the study.
The study also found that dissatisfied small business customers were far more likely to switch banks over the next 12 months than those who expressed high levels of satisfaction.
The study measured satisfaction with their main financial institution on eight factors.
Halifax startup raises $1.1-million
Participants include Innovacorp, Nova Scotia’s early-stage venture capital funding body, the First Angel Network of private investors, and others. It has diluted its stock by 30 per cent as a result, according to this report in The Chronicle Herald.
The funding will be used to help finance the roll-out of its newest file-sharing technology, it said. The Herald report said it would also help to break into the U.S. market.
The company has won several awards for innovation.
DATES AND EVENTS
Small Business Week
Next week brings Small Business Week runnng from Oct. 14 to Oct. 20. Numerous events around the theme will be held across the country. For an entry point, click into the Business Development Bank of Canada’s site here for events calendars, which will be updated.
Startup book club
The MaRs Startup Book Club holds its next event on Nov. 6 in Toronto. This month’s book up for discussion: The $100 Startup: Reinvent The Way You Make A Living, Do What You Love, And Create A New Future by Chris Guillebeau. The club aims to cover books that highlight important fundamentals and trends for startups; offer networking opportunities and build skills and inspiration. For more information, click here.
EDITOR’S PICKS FROM REPORT ON SMALL BUSINESS
The bossless office
From The Devil Wears Prada to The Firm and The Office, the boss in popular culture is at best incompetent and at worst, evil. Perhaps it’s no wonder then that the concept of the bossless office has been popping up, reports this story. Can a thriving small business operate without a fearless leader? Read on to find out.
FROM THE ROSB ARCHIVES
MBA students offer bargain alternative to pricey consultants
Small businesses that can't afford big professional consulting firms increasingly turn to university business student consultant programs, reported a story published in June.
Got a tip on news, events or other timely information related to the small-business community? E-mail us at firstname.lastname@example.org
Join The Globe’s Small Business LinkedIn group to network with other entrepreneurs and to discuss topical issues: http://linkd.in/jWWdzT
Our free weekly newsletter is now available. Every Friday a team of editors selects the top picks from our blog posts, features, multimedia and columnists, and delivers them to your inbox. If you have registered for The Globe’s website, you can sign up here. Click on the Small Business Briefing checkbox and hit ‘save changes.’ If you need to register for the site, click here .
An earlier online version of this story incorrectly stated the score for the average retail banking customer. This online version has been corrected.
Companies & investments Mentioned In This Article (5)
BNS-T 59.34 0.11
0.186% 1.642M Bank of Montreal
% 1.155M TD Bank
TD-T 83.49 -0.16
-0.191% 2.094M Royal Bank of Canada
RY-T 63.53 0.39
0.618% 3.103M CIBC
CM-T 80.12 0.21