By Emily Cade

Bank of America Changes the Game with Erica, a Virtual Financial Assistant

By Youa Yang

The day has finally come.  Since October 2016 when Erica was demoed at Money 2020, we’ve been waiting with great anticipation for the launch of Erica.  Erica, as described on the bank’s website, is a virtual financial assistant that can help with a variety of different tasks such as providing check routing numbers, viewing bills and scheduling payments, transferring money and finding past transactions among a long list of other tasks.  Erica...

Bank Advantages Based on Two New Key Drivers of Satisfaction Surface

By Emily Anderson

It is vital to understand what drives a middle market company ($10MM-<$500MM in annual sales) to be delighted with their primary bank. Every year, we run an analysis to better understand which channels and attitudes/opinions drive overall bank satisfaction. In our upcoming 2018 annual middle market banking report, 88% of overall bank satisfaction was accounted for by attitudes and opinions of the bank while only 12% came from channels. We have consistently found...

Businesses Express Concern about Online Security Despite Few Fraud Attempts

By Dustin Greelis

The proportion of small businesses ($100K-<$10MM) and middle market companies ($10MM-<$500MM) using a digital channel at their primary bank is at an all-time high. While businesses are increasingly comfortable and accustomed to using digital banking technology, Barlow Research’s data reveal that most businesses are still concerned about online security. With the usage of desktop and mobile banking continuing to increase, it’s important to both acknowledge and find ways to alleviate the customers...

Data Doesn’t Lie: Senior Management Is NOT the Best Point of Contact for Error Resolution in the Middle Market

By Donna Arce

As a banking customer, bringing your problem to the Account Officer or Senior Manager for action is not the best way to seek resolution. Fifteen percent of Middle Market companies ($10MM-<$500MM in annual sales) report experiencing an error at their primary bank in the last 12 months. A view by size of bank reveals that errors are more prevalent in large banks (assets >$50B) compared to medium (assets $1B-$50B) and small banks (assets...

More Non-Banks Are Being Added by Small Businesses for Their Credit Needs

By Emily Cade

The small business ($100K-<$10MM in annual sales) bank market share has been fairly stable over the last several years. Half of small businesses, 53%, bank at large banks (>$50B in assets). Twenty-two percent of small businesses bank at medium banks ($1-$50B in assets), 18% at small banks (<$1B in assets) and 7% at non-banks. Non-banks include fintechs and other financial institutions such as credit unions. Few companies, 5%, plan to...

Small Business Digital Banking Customers Report a Notable Increase in the Importance of Mobile Bill Pay

By Adam Johnson

In the Digital Business Banking Test Drive, Barlow Research explores the availability and functionality for dozens of banking features available to customers through the online business banking platforms at 15 of the largest financial institutions in the country. Because we maintain our own business accounts (primarily designed for small business customers $100K-<$10MM in annual sales), we have a direct line of access to these features, and we provide our Digital Business Banking clients with...

Regions Holds the Top Barlow Research Small Business CAMELS™ Score for the Second Consecutive Year

By Sandy Hanson

At Barlow Research, we are busy analyzing all of the data we have collected from small businesses ($100K-<$10MM in sales) during the four quarters of 2017 for our Annual Report. Unfortunately for the large banks (assets >$50B), we haven’t seen much movement in their scores since the prior year. This is unfortunate because prior to 2016, the large banks had exhibited improved scores both in market share, as well as performance metrics. In 2017...

Bank of America Optimizes Mobile and Desktop Digital Account Application for Small Businesses

By Youa Yang

Financial institutions are continuing to find new ways to digitize their services for business banking customers. One of those ways that we’ve seen continued movement in recently is allowing small businesses (sales of $100K-<$10MM) the ability to open up DDA accounts through digital channels. This functionality is increasingly important because from the small business perspective, many are accustomed to self-servicing since not all customers are assigned to a banker. From the financial institution’s...

M&T Bank and PNC Top the CAMELS™ Scores in the Middle Market

By Emily Anderson

At Barlow Research, we measure bank performance according to the voice of the customer. Every year Barlow Research publishes a CAMELS™ score for each of our top ten banks based on primary bank market share in the middle market (companies with sales $10MM-<$500MM). A Barlow Research CAMELS™ score is a composite of the performance ratings awarded by middle market bank customers in six areas over a two-year period.  These individual components measure...