Millennial entrepreneurs are quickly replacing retiring Boomers. How can banks serve this huge, diverse and technology-adept audience? You’ll learn: • The business challenges Millennials face – and the opportunity that creates for banks • The bank transaction preferences of Millennial entrepreneurs • Their loan application activity and experience – and the challenge for traditional banks • Awareness and perceptions of alternative lenders • Bank brand perceptions and switching likelihood

1. Banking and
Millennial Entrepreneurs
January 6, 2015
Bredin, Inc.
www.bredin.com
617-868-6369

2. Insight  Lead Gen  Content  Sales Support
Increasing SMB Acquisition, Engagement and Retention
2

3. Research Objective
3
Give bank marketers a current perspective on
Millennial SBO engagement preferences
• Key business challenges
• Bank transaction activities and preferences
• Loan application activity and experience
• Familiarity with and perceptions of alternative lenders
• Perceptions of their bank, and switching likelihood
• Perception of major bank brands

4. Methodology
4
Methodology
How
• 15-minute online survey
Who
• 514 principals of U.S. companies with <500 employees
• 209 with <20 employees
• 191 with 20-99 employees
• 114 with 100-500 employees
• Any industry
• See slides 27-31 for participant demographics
When
• September 22 – October 2, 2014
1
2
3

5. Detailed Results

6. 0% 10% 20% 30% 40% 50% 60% 70%
Lack of education / resources to run a small business
Obtaining a loan / getting funding for my business
Retaining current customers
Retaining good employees
Managing costs
Having enough money to pay our bills
Staying in business
Dealing with government regulations
Finding good employees
Developing new products and services
Dealing with competition
Finding new customers
Millennials
All others
On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Managing a business is more challenging for Millennials
Business Challenges
6
Top-two box
n=466
*significant difference
*
*
*
*
*
*
*

7. Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
7
Millennials are “online lite” and ATM- and banker-heavy
0% 10% 20% 30% 40% 50% 60% 70% 80%
Made a mobile payment
Used phone banking
Used mobile banking
Met with a banker
Used an ATM
Made an online payment
Used online banking
Visited a bank branch
Millennials
All others
n=459
*significant difference
*
*
*

8. In
person
at a
branch
In
person
at an
ATM
Email Mail
On the
phone
(e.g.,
calling
customer
service)
On my
computer
(desktop,
laptop)
On my
smart-
phone,
through my
bank’s
mobile app
On my
smart-
phone’s
mobile
web
browser
On my
tablet (e.g.,
an iPad),
through my
bank’s
mobile app
On my
tablet’s
mobile
web
browser
Access banking
information, e.g.,
account balances
30%*
21%
9%*
4%
8%
5%
5%
2%
3%
4%
30%*
52%
5%
9%
2%
1%
6%
2%
2%
1%
Apply for a loan
50%*
62%
11%*
4%
8%*
3%
4%
2%
9%*
3%
13%
20%
1%
3%
2%
0%
1%
1%
2%
1%
Ask about a fee or
service charge
24%
31%
8%*
1%
18%*
11%
4%
2%
25%
28%
12%
19%
4%
4%
2%
2%
2%
2%
2%
0%
Change / update
account information
22%
28%
9%
2%
9%
5%
8%
*
3%
9%
5%
34%*
46%
3%
6%
1%
2%
3%
2%
2%
2%
Deposit cash
43%*
65%
20%
18%
9%*
2%
4%
2%
9%*
2%
11%
6%
1%
2%
1%
2%
5%*
1%
1%
0%
Deposit checks
43%*
59%
21%
14%
6%
3%
2%
2%
2%
2%
15%*
7%
2%*
10%
2%
1%
0%
1%
2%
1%
Open or close an
account
45%*
66%
11%*
2%
5%
3%
5%
2%
7%
3%
16%
16%
5%
5%
2%
1%
2%
1%
2%
1%
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row):
Transaction Preferences
8
n=514
*significant difference
Millennials
All others

9. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row):
Transaction Preferences, continued
9
Millennials
All others
In
person
at a
branch
In
person
at an
ATM
Email Mail
On the
phone
(e.g.,
calling
customer
service)
On my
computer
(desktop,
laptop)
On my
smart-
phone,
through
my bank’s
mobile
app
On my
smart-
phone’s
mobile
web
browser
On my
tablet (e.g.,
an iPad),
through my
bank’s
mobile app
On my
tablet’s
mobile
web
browser
Pay bills
20%
14%
8%*
1%
5%
5%
9%
11%
5%
3%
37%*
54% *
6%
6%
5%
2%
5%
4%
2%
0%
Receive
statements
14%
11%
5%*
2%
19%
13%
13%*
24%
6%
3%
26%*
38%
6%
4%
2%
2%
6%
2%
2%
1%
Receive alerts
12%
10%
10%*
1%
20%
25%
4%
6%
9%
4%
23%
31%
10%
15%
5%
4%
3%
2%
4%
1%
Report a problem
23%
30%
6%*
1%
18%*
8%
2%
3%
18%
24%
19%
22%
4%
6%
3%
1%
4%
4%
2%
1%
Send / receive
wires
23%
30%
7%
2%
13%
8%
5%
4%
9%
5%
28%
38%
5%
6%
3%
3%
4%
3%
2%
1%
Transfer funds
between accounts
19%
22%
8%*
2%
10%*
4%
3%
3%
9%
6%
32%*
48%
8%
8%
2%
2%
5%
3%
3%
1%
Withdraw funds
25%*
47%
34%*
24%
9%*
4%
3%
2%
5%*
1%
13%
15%
4%
3%
3%
1%
4%
2%
1%
1%
n=514
*significant difference

10. Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
10
Millennials are disproportionately likely to have applied for a loan
24%
44%
76%
56%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
All others
Millennials
Yes
No
n=463
*statistical significance
**

11. (if yes) Who did you apply with? (select all that apply)
Loan Sources
11
Millennials are similar to older SBOs in loan sourcing
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Alternative (also called “branchless”) business
lender like Biz2Credit, CAN Capital, Kabbage or
OnDeck Capital
Credit union
Traditional bank
Millennials
All others
n=135

12. (if yes) Was your loan approved?
Application Approval
12
Loan approval is identical regardless of SBO age
(if yes) By whom?
96%
96%
4%
4%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
All others
Millennials
Yes
No
n=135
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Alternative lender
Credit union
Traditional bank
Millennials
All others
n=131

13. On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
13
Millennials are slightly more satisfied with the loan application process
0% 10% 20% 30% 40% 50% 60%
1 (very dissatisfied)
2
3 (neither satisfied nor dissatisfied)
4
5 (very satisfied)
Millennials
All others
n=132

14. Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
14
Millennial SBOs are significantly more likely to apply for a loan next year
20%
33%
80%
67%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
All others
Millennials
Yes
No
n=457
*statistical significance
* *

15. (if yes) Who will you apply with? (select all that apply)
Loan Sources
15
Millennials are more likely to apply to a credit union
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Alternative lender
Credit union
Traditional bank
Millennials
All others
n=104
*
*

16. 0% 10% 20% 30% 40% 50% 60% 70% 80%
Loan approval process time is too long
Don’t think my business would be approved for a
loan
Cost of credit is too high
Don’t want to take on debt
Don’t need financing
Millennials
All others
(if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
16
Lack of perceived need is the biggest obstacle to loan application, regardless of age
n=347

17. On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital.
Alternative Lenders: Awareness
17
Millennial SBOs are more familiar with alternative lenders
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
1 (not at all familiar)
2
3 (somewhat familiar)
4
5 (very familiar)
Millennials
All others
n=463
*statistical significance
*
*

18. (if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
18
Millennial SBOs are more positively disposed towards alternative lenders
0% 10% 20% 30% 40% 50% 60% 70% 80%
Their loan approval process is much faster than
traditional banks
They use different criteria than traditional banks to
assess my business, and therefore have a better
understanding of my business
They are more likely to approve my loan
application than traditional banks
They are more convenient than traditional banks
Their loan approval process is much simpler than
traditional banks
Even though the interest rate may be higher,
alternative lenders are worthwhile because of the
convenience
Millennials
All others
Top-two box
n=213
*statistical significance
*
*
*

19. On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
19
Millennials are generally happy with their banking relationship
0% 20% 40% 60% 80%
I am likely to switch banks within the next 12 months
I would rather go to the dentist than my bank branch
In five years, I won’t need a bank at all
I would prefer to do all my banking / financial transactions with a
company like Google or Apple instead of my current bank
I would consider switching to a branchless bank
I would be just as happy to do all my banking / financial
transactions with a company like Google or Apple as my current…
My bank doesn’t offer anything different than any other bank
Financial services innovation will come from outside the banking
industry
In five years, the way I do my banking / financial transactions will
be totally different
I use my bank’s mobile app
I would recommend my bank to peers
I am happy with my bank
Millennials
All others
Top-two box
n=467
*statistical
significance
*
*
*
*
*
*
*
*
*
*

20. (if likely to switch) Why are you likely to switch banks in the next 12 months?
Switching Drivers
20
Fees and service are common switching drivers
Millennials:
All others:

21. If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
21
Millennials generally prefer to stay with their bank
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
An alternative business lender like Biz2Credit,
CAN Capital, Kabbage or OnDeck Capital
A company like Amazon, Apple, Google, PayPal
or Square
Another bank
My current bank
Millennials
All others
n=467

22. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Brand Perception
Bank of America
**
*
0%
10%
20%
30%
40%
50%
60%
70%
80%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Union Bank
UPS
Ratedfavorable(toptwobox)
Top rated/familiar Top rated/unfamiliar
Low rated/unfamiliarLow rated/familiar
PayPal
eBay
FedEx
Microsoft
Office Depot
AT&T Sony
HP
Verizon
Apple
Wells Fargo
Chase Bank
Capital One
Sam’s Club
Citibank
IBM
Dell
Sprint
Comcast
LinkedIn
Cisco
American Express
OPEN
Charles Schwab
Citizens Bank
HSBC
U.S. Bank
Lenovo
Fidelity Investments
Intuit
BB&T
PNC Bank
Regions Bank
CenturyLink
Charter Communications
SunTrust Bank
Fifth Third Bank
Symantec
TD Bank
Cablevision
M&T Bank
Key Bank
Biz2Credit
Ally Bank
BMO
Kabbage
CAN Capital
OnDeck Capital
Google
Salesforce.com
Staples
Facebook
Twitter
Cox
Unfamiliar with brand

23. Major Bank Brand Perceptions
23
Millennial SBOs generally see large bank brands more favorably
0% 10% 20% 30% 40% 50% 60%
M&T Bank
Key Bank
Fifth Third Bank
BMO
SunTrust Bank
Regions Bank
Ally Bank
Union Bank
TD Bank
HSBC
PNC Bank
BB&T
Citizens Bank
U.S. Bank
Citibank
Capital One
Chase Bank
Wells Fargo
Bank of America
Millennials
All others
Top-two box
n=467
*statistical significance
*
*
*
*
*
*
*
*

24. What would it take to get you to improve your perception of banks in general?
Bank Brand Improvement
24
Fees and service are the biggest areas for improvement
Millennials:
All others:

25. Your To-Do’s
25
Educate Millennial SBOs on the benefits of financing
Provide integrated multichannel access - however don’t ignore ATMs
and bankers
✔
✔
✔
✔
Stu Richards, CEO
stu@bredin.com
Twitter: @SBDF
Use content marketing to develop an advisory relationship and
strengthen brand perception
✔
Demonstrate Seacoast Bank’s commitment to innovation
Emphasize Seacoast Bank’s advantages vs. credit unions and
alternative lenders

26. Sample Characteristics

27. Sample Characteristics
Owner, Founder, Manager, Partner, CxO, etc.
100%Title Principal
27
Industry
PS: Educational services, Finance & insurance, Health care &
social assistance, Information technology, Management of
companies & enterprises, Professional services
RW: Accommodation & food service, Arts, Entertainment &
recreation, Real estate, rental & leasing, Retail trade,
Transportation & warehousing, Wholesale Trade
M: Construction, Manufacturing, Mining, Scientific &
technical services, Utilities
Other: Administrative, support, waste management &
remediation service, Other services (except public
administration)
n=508
n=521
40%
29%
19%
12%

28. 25%
31%
44% Y
M
50+
Sample Characteristics
28
Age
Gender
= 18-34
= 35-49
n= 518
n= 512
52%
48% Male
Female

29. 29%
26%
45% <5 years
6-10 years
10+ years
40%
37%
22% 1-19 employees
20-99 employees
100-500 employees
Sample Characteristics
29
Company
Size
Years in Business
n= 521
n= 503

30. 2% 4%
25%
42%
25%
Down 10% or more
Down, by less than 10%
Same as 2014
Up by 10% or more
Up, by less than 10%
36%
30%
34% No Growth
Slow Growth
Fast Growth
17%
30%46%
6%
$2,500,000 to $10,000,000
$500,000 to $2,499,999
Less than $500,000
More than $10,000,000
Sample Characteristics
30
2013
revenue
2015 revenue
growth
2014 revenue
outlook
n= 515
= flat or down vs. 2013
= <10% growth vs. 2013
= >10% growth vs. 2013
n= 514
n= 520

31. Sample CharacteristicsSample Characteristics
31
REGION
N=534
Midwest
20.9%
West
19.7%
South
36.9%
Northeast
22.5%

32. Significance Test Results

33. Section 1: Business Age
29%
26%
45% <5 years
6-10 years
10+ years
n= 503

34. On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
34

35. Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
35

36. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
36

37. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
37

38. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
38

39. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
39

40. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
40

41. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
41

42. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
42

43. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
43

44. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
44

45. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
45

46. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
46

47. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
47

48. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
48

49. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
49

50. Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
50
(if yes) Who did you apply with? (select all that apply)
Loan Sources

51. (if yes) Was your loan approved?
Application Approval
51
(if yes) By whom?

52. On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
52

53. Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
53
(if yes) Who will you apply with? (select all that apply)
Loan Sources

54. (if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
54

55. On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
55

56. (if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
56

57. On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
57

58. If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
58

59. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
59

60. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
60

61. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
61

62. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
62

63. Section 2: 2014 Growth
36%
30%
34% No Growth
Slow Growth
Fast Growth
= flat or down vs. 2013
= <10% growth vs. 2013
= >10% growth vs. 2013
n= 514

64. On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
64

65. Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
65

66. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
66

67. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
67

68. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
68

69. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
69

70. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
70

71. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
71

72. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
72

73. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
73

74. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
74

75. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
75

76. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
76

77. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
77

78. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
78

79. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
79

80. Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
80
(if yes) Who did you apply with? (select all that apply)
Loan Sources

81. (if yes) Was your loan approved?
Application Approval
81
(if yes) By whom?

82. On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
82

83. Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
83
(if yes) Who will you apply with? (select all that apply)
Loan Sources

84. (if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
84

85. On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
85

86. (if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
86

87. On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
87

88. If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
88

89. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
89

90. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
90

91. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
91

92. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
92

93. Section 3: Company Size
40%
37%
22% 1-19 employees
20-99 employees
100-500 employees
n= 521

94. On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
94

95. Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
95

96. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
96

97. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
97

98. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
98

99. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
99

100. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
100

101. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
101

102. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
102

103. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
103

104. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
104

105. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
105

106. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
106

107. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
107

108. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
108

109. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
109

110. Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
110
(if yes) Who did you apply with? (select all that apply)
Loan Sources

111. (if yes) Was your loan approved?
Application Approval
111
(if yes) By whom?

112. On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
112

113. Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
113
(if yes) Who will you apply with? (select all that apply)
Loan Sources

114. (if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
114

115. On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
115

116. (if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
116

117. On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
117

118. If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
118

119. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
119

120. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
120

121. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
121

122. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
122

123. Section 4: Gender
55%
45% Male
Female
n=1,639

124. On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
124

125. Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
125

126. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
126

127. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
127

128. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
128

129. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
129

130. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
130

131. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
131

132. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
132

133. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
133

134. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
134

135. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
135

136. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
136

137. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
137

138. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
138

139. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
139

140. Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
140
(if yes) Who did you apply with? (select all that apply)
Loan Sources

141. (if yes) Was your loan approved?
Application Approval
141
(if yes) By whom?

142. On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
142

143. Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
143
(if yes) Who will you apply with? (select all that apply)
Loan Sources

144. (if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
144

145. On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
145

146. (if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
146

147. On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
147

148. If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
148

149. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
149

150. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
150

151. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
151

152. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
152

153. Section 5: Geography
Midwest
20.9%
West
19.7%
South
36.9%
Northeast
22.5%

154. On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
154

155. Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
155

156. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
156

157. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
157

158. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
158

159. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
159

160. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
160

161. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
161

162. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
162

163. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
163

164. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
164

165. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
165

166. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
166

167. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
167

168. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
168

169. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
169

170. Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
170
(if yes) Who did you apply with? (select all that apply)
Loan Sources

171. (if yes) Was your loan approved?
Application Approval
171
(if yes) By whom?

172. On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
172

173. Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
173
(if yes) Who will you apply with? (select all that apply)
Loan Sources

174. (if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
174

175. On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
175

176. (if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
176

177. On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
177

178. If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
178

179. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
179

180. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
180

181. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
181

182. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
182

183. Section 6: Industry
PS: (Educational services, Finance & insurance, Health care &
social assistance, Information technology, Management of
companies & enterprises, Professional services)
RW: (Accommodation & food service, Arts, entertainment &
recreation, Real estate, rental & leasing, Retail trade,
Transportation & warehousing, Wholesale Trade)
M: (Construction, Manufacturing, Mining, Scientific &
technical services, Utilities)
Other: (Administrative, support, waste management &
remediation service, Other services (except public
administration)
n=508
40%
29%
19%
12%

184. On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
184

185. Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
185

186. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
186

187. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
187

188. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
188

189. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
189

190. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
190

191. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
191

192. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
192

193. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
193

194. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
194

195. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
195

196. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
196

197. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
197

198. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
198

199. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
199

200. Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
200
(if yes) Who did you apply with? (select all that apply)
Loan Sources

201. (if yes) Was your loan approved?
Application Approval
201
(if yes) By whom?

202. On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
202

203. Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
203
(if yes) Who will you apply with? (select all that apply)
Loan Sources

204. (if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
204

205. On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
205

206. (if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
206

207. On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
207

208. If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
208

209. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
209

210. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
210

211. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
211

212. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
212

213. Section 7: Respondent Age
25%
31%
44% Y
M
50+
= 18-34
= 35-49
n= 518

214. On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
214

215. Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
215

216. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
216

217. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
217

218. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
218

219. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
219

220. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
220

221. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
221

222. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
222

223. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
223

224. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
224

225. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
225

226. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
226

227. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
227

228. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
228

229. Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
229

230. Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
230
(if yes) Who did you apply with? (select all that apply)
Loan Sources

231. (if yes) Was your loan approved?
Application Approval
231
(if yes) By whom?

232. On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
232

233. Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
233
(if yes) Who will you apply with? (select all that apply)
Loan Sources

234. (if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
234

235. On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
235

236. (if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
236

237. On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
237

238. If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
238

239. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
239

240. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
240

241. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
241

242. On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
242