Learning what drives loyalty

Third Pillar recently conducted market research to gather insights into the banking preferences of small to middle market business owners. Our findings will be used to understand loyalty and switching drivers among this particular segment of business owners.

The primary goals of the study include:

  • Determine overall drivers of loyalty and switching among small to middle market business banking customers
  • Test the hypothesis that businesses with good credit ratings would be more likely to select a bank that could:
    • Approve a business loan within an hour than a bank that has a traditional turnaround approval period
    • Provide access to funds from a business loan within an hour than a bank that has a traditional turn-around period to access funds
    • Demonstrate potential switching activity between banks as a result of this rapid loan approval/funds access offer
    • Learn the drivers of immediate loan acceptance

Third Pillar has engaged Answer Lab, a leading market research firm, to conduct the study utilizing a 20-minute email survey to both small to middle market business owners.

Approximately 400 small to middle market business owners were recruited to participate. This sample group was comprised of two sub-groups:

  • 200 business owners with a primary business banking account held with Money Center Banks
  • 200 business owners with a primary business banking account with 2nd tier regional banks

To receive a copy of the white paper contact us at sales@thirdpillar.com