February 15, 2023 | Stamford, CT — Just as they start moving on from pandemic-era shutdowns, U.S. small businesses are now facing fears of a possible economic recession in 2023. At this challenging moment, small businesses are looking for banks with the right mix of digital innovation and traditional high-touch human service.

To some extent, small businesses’ disillusionment with their banks may be a hangover from the COVID-19 crisis. During the pandemic, many banks stepped up their service levels and communications to meet the considerable challenges posed by the pandemic and subsequent PPP process. Coalition Greenwich believes banks may have inadvertently elevated expectations to an unsustainable level and for some small businesses; this natural shift may feel like a reduction in their banks’ level of engagement.  

Another factor contributing to declining scores for smaller banks is technology. Small business owners and executives use digital channels for a host of everyday activities and transactions and are accustomed to seamless digital service. Smaller banks trail in launching comprehensive digital banking platforms that eliminate headaches surrounding onboarding, account opening and other activities that executives view as increasingly cumbersome and tedious. 

“The huge investments major banks have been making in digital technology are starting to pay dividends,” says Chris McDonnell, Head of Community, Commercial and Digital Banking at Coalition Greenwich. “Going forward, banks servicing small businesses have to create strategies that find the right blend between a high-touch service model and the high-tech platforms needed to satisfy client demands for simplicity, speed and security and to lower operating/service costs in an increasingly competitive industry.”  

The 2022 Greenwich Award winners in U.S. Small Business Banking stand out for their ability to combine high-quality day-to-day service and digital banking tools.  

The complete list of the 2022 Greenwich Excellence Award winners in U.S. Small Business Banking.
The complete list of the 2022 Greenwich Best Brand Award winners in U.S. Small Business Banking.
The complete list of the 2022 Greenwich Share Leaders in U.S. Small Business Banking.