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Greenwich Associates Announces Best Brands in Mid-Market, Small Business Banking

December 03, 2015, 07:56 AM
Filed Under: Banking

The country’s biggest banks have established themselves as the strongest brands among U.S. middle market companies—a segment that is growing in the form of increased demand for credit and other banking services.
Meanwhile, the list of strongest bank brands among U.S. small businesses includes a mix of large national providers and regional banks able to differentiate themselves through delivering outstanding service and making it easier to do business with commercial banks.

2015 Greenwich Best Brand: Middle Market Banking

Every year, Greenwich Associates draws on its extensive research among U.S. small businesses and middle market companies to determine the best banking brands. In 2015, the Greenwich Best Brand Award winners in Middle Market Banking are all large national and “super regional” providers, including Bank of America Merrill Lynch, Chase, PNC Bank, US Bank, and Wells Fargo.

“Middle market companies are becoming more confident about the future, so they are borrowing more and thinking about expansion,” says Greenwich Associates consultant Marc Harrison. “As they do so, they are putting their confidence in big national banks with proven ability to deliver high-quality, sophisticated capabilities across credit, cash management, trade finance, foreign exchange, and other essential services.”

2015 Greenwich Best Brand: Small Business Banking

Among small businesses, the list of Greenwich Best Brand Award winners is longer, more diverse and growing.

The winners for 2015 are Bank of America Merrill Lynch, BB&T, Chase, Citibank, Fifth Third Bank, M&T Bank, PNC Bank, Regions Bank, SunTrust, TD Bank, US Bank, and Wells Fargo. The performance of regional banks can be attributed in large part to customer service and capabilities of relationship managers that help differentiate these banks’ brands from those of larger rivals.
New regulations and strict documentation requirements have made companies’ interactions with their banks more cumbersome. These changes provide an opportunity for banks to differentiate themselves by making the client experience as easy and efficient as possible. Greenwich Associates research results show the quality of banks’ relationship managers is the most important determinant of ease of doing business, followed by effective cash management capabilities.

“In today’s market, banks must contend with many regulations and compliance requirements that have a significant impact on ease of doing business, but are largely beyond their control,” says Greenwich Associates consultant Don Raftery. “The regional banks that appear on our list of 2015 Best Brand Award winners have focused on relationship manager quality and other factors that are within their control to improve the customer experience for small businesses.”

As part of its 2015 commercial banking research, Greenwich Associates surveyed nearly 13,000 small businesses and nearly 9,000 mid-sized companies and asked them to name the banks they would consider using for a variety of banking products and services. Banks cited the most by current clients and non-customers receive Greenwich Best Brand Awards.

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