--- title: Voice of the Customer | Customer Sentiment Study by Live Oak Bank description: This study delivers customer sentiment insights, industry benchmarks & candid advice to help small business owners define challenges & opportunities. image: https://info.liveoak.bank/hubfs/live-oak-bank-voice-of-the-customer-sentiment-study.jpg --- ![FDIC-Insured - Backed by the full faith and credit of the U.S. Government](https://info.liveoak.bank/hubfs/LiveOakBanking_July2020/fdic-digital-sign-whitetxt.svg) [![Live Oak Bank](https://info.liveoak.bank/hubfs/raw_assets/public/LiveOakBanking_July2020/images/live-oak-logo-full-color.svg "Live Oak Bank")](https://www.liveoakbank.com/) Log In - Business - [Loans](https://www.liveoak.bank/business-loans/) - [SBA](https://www.liveoak.bank/business-loans/sba-loans/) - [USDA](https://www.liveoak.bank/business-loans/usda-loans/) - [Live Oak® Express](https://www.liveoak.bank/business-loans/live-oak-express/) - [Banking](https://www.liveoak.bank/business-banking/) - [Checking](https://www.liveoak.bank/business-checking/) - [Savings](https://www.liveoak.bank/business-savings/) - [CDs](https://www.liveoak.bank/business-cd-accounts/) - Personal - [Banking](https://www.liveoak.bank/personal-banking/) - [Savings](https://www.liveoak.bank/personal-savings/) - [CDs](https://www.liveoak.bank/personal-cd-accounts/) - [Commercial](https://www.liveoak.bank/commercial/) [![Live Oak Bank](https://info.liveoak.bank/hubfs/raw_assets/public/LiveOakBanking_July2020/images/live-oak-logo-full-color.svg "Live Oak Bank")](https://www.liveoakbank.com/) - Business - [Loans](https://www.liveoak.bank/business-loans/) - [SBA](https://www.liveoak.bank/business-loans/sba-loans/) - [USDA](https://www.liveoak.bank/business-loans/usda-loans/) - [Live Oak® Express](https://www.liveoak.bank/business-loans/live-oak-express/) - [Banking](https://www.liveoak.bank/business-banking/) - [Checking](https://www.liveoak.bank/business-checking/) - [Savings](https://www.liveoak.bank/business-savings/) - [CDs](https://www.liveoak.bank/business-cd-accounts/) - Personal - [Banking](https://www.liveoak.bank/personal-banking/) - [Savings](https://www.liveoak.bank/personal-savings/) - [CDs](https://www.liveoak.bank/personal-cd-accounts/) - [Commercial](https://www.liveoak.bank/commercial/) - [Log In](https://www.liveoak.bank/?modal=signIn) - [Get Started](https://www.liveoak.bank/get-started/) Sign In × Personal Banking & Small Business - Tidal Business Checking - Business Savings & CDs - Personal Savings & CDs [Sign In](https://secure.liveoak.bank/login) [Open a New Account](https://www.liveoak.bank/get-started/) Commercial Banking - Business Plus Checking - Business Plus Savings & CDs - Treasury Management [Sign In](https://online.liveoak.bank/DigitalBanking/login?iid=LOBNC) [Contact Us](https://info.liveoakbank.com/business-plus-form) Business Loans - Manage Payments - Get Statements - Continue an Application [Sign In](https://loan-servicing.liveoak.bank/login) [Contact a Loan Specialist](https://www.liveoak.bank/get-started/form-contact-loan-specialist/) Live Oak's Voice of the Customer Survey # Exclusive Insights from Small Business Owners For five years, Live Oak Bank has partnered with Barlow Research to capture invaluable customer sentiment. This data from 2024, reflecting the experiences of our loan and deposit customers, has directly shaped our strategic decisions. Now, we're sharing these insights with you. Discover industry benchmarks, actionable advice, and real-world perspectives to navigate your challenges and seize new opportunities. [Download Free Report](https://info.liveoak.bank/hubfs/research/2024-live-oak-voice-of-the-customer-study.pdf) ![live-oak-voice-of-the-customer-survey](https://info.liveoak.bank/hs-fs/hubfs/live-oak-voice-of-the-customer-survey.webp?width=1236&height=820&name=live-oak-voice-of-the-customer-survey.webp) ## Customer Sentiment Trends ![business-banking-customer-pricing-increase-average-statistic](https://info.liveoak.bank/hubfs/business-banking-customer-pricing-increase-average-statistic.webp) #### Rising Costs Remain Top of Mind The rising cost of doing business remained the most significant challenge for Live Oak customers. In 2024, customers increased their prices by an average of 8.5%. Over half of Live Oak customers plan to implement further price increases within the next 12 months. The Senior Care and Funeral Home industries are the most likely to increase prices in 2025. However, some industries, like Agriculture and Search Fund, have struggled to pass higher costs on to their customers. ![small-business-bank-customer-sentiment-industry-outlook](https://info.liveoak.bank/hubfs/small-business-bank-customer-sentiment-industry-outlook.webp) #### Business Outlook Varied Substantially by Industry Sentiment varied widely across the industries analyzed in the 2024 Live Oak Voice of the Customer Study. Investment Advisory companies showed significant improvement from 2023 and stood out as one of the most financially stable industries. Other industries, like Wine & Craft Beverage, experienced gains in financial health but faced challenges from changing environmental factors and rising costs.  ![business-banking-customer-us-economic-financial-condition-optimism](https://info.liveoak.bank/hs-fs/hubfs/business-banking-customer-us-economic-financial-condition-optimism.webp?width=1440&height=960&name=business-banking-customer-us-economic-financial-condition-optimism.webp) #### Optimism Increased in 2024 Post-Election The 2024 Live Oak Voice of the Customer survey was conducted over a unique time frame, beginning before and concluding after the 2024 Presidential election. This timing offered valuable insights into shifts in customer sentiment. Notably, the results revealed a marked increase in optimism about the state of the U.S. economy following the election. This renewed confidence extended to various key metrics, including customers’ expectations for their overall financial condition, sales, profits, and growth plans. ## About Barlow Research Barlow Research was founded in 1980 to provide research services to the banking industry in the U.S. and globally. Barlow Research has a long-standing relationship with Live Oak Bank, primarily through powering the BusinessPulse. In addition, Barlow Research has provided industry analysis for vertical selection, competitive intelligence on the digital account opening and lending processes. Live Oak Bank is also a member of Barlow Research’s flagship Small Business Banking program. **Joel Mueller** Managing Partner & Research Director [jmueller@barlowresearch.com](mailto:jmueller@barlowresearch.com) | 763.253.1806 Barlow Research Associates, Inc. 917 Lilac Drive North, Minneapolis, MN 55422 *Source: Live Oak 2024 Voice of the Customer Study (Powered by Barlow Research)* [See Disclosures for details](https://www.liveoak.bank/important-disclosures/) - Company - [About Us](https://www.liveoak.bank/our-story/) - [Board of Directors](https://www.liveoak.bank/board-of-directors/) - [Careers](https://www.liveoak.bank/careers/) - [Channel](https://www.liveoakchannel.com/) - [Contact Us](https://www.liveoak.bank/contact-us/) - [Corporate Philanthropy](https://www.liveoak.bank/corporate-philanthropy/) - [Live Oak Ventures](https://www.liveoak.bank/ventures/) - [Media](https://info.liveoak.bank/media) - [Our Leadership Team](https://www.liveoak.bank/leadership/) - [Veteran Financing](https://www.liveoak.bank/veteran-financing/) - Resources - [Accessibility Statement](https://www.liveoak.bank/accessibility-statement/) - [Disclosures](https://www.liveoak.bank/important-disclosures/) - [Live Oak Bank Impacts](https://www.liveoak.bank/impacts/) - [Investors](https://investor.liveoakbank.com/) - [Online Privacy Notice](https://www.liveoak.bank/online-privacy-notice/) - [Privacy & Security](https://www.liveoak.bank/privacy-security/) - [Research](https://info.liveoak.bank/businesspulse) - [Resource Center](https://resources.liveoak.bank/blog) - [Support](https://support.liveoak.bank/) - Company - [About Us](https://www.liveoak.bank/our-story/) - [Board of Directors](https://www.liveoak.bank/board-of-directors/) - [Careers](https://www.liveoak.bank/careers/) - [Channel](https://www.liveoakchannel.com/) - [Contact Us](https://www.liveoak.bank/contact-us/) - [Corporate Philanthropy](https://www.liveoak.bank/corporate-philanthropy/) - [Live Oak Ventures](https://www.liveoak.bank/ventures/) - [Media](https://info.liveoak.bank/media) - [Our Leadership Team](https://www.liveoak.bank/leadership/) - [Veteran Financing](https://www.liveoak.bank/veteran-financing/) - Resources - [Accessibility Statement](https://www.liveoak.bank/accessibility-statement/) - [Disclosures](https://www.liveoak.bank/important-disclosures/) - [Live Oak Bank Impacts](https://www.liveoak.bank/impacts/) - [Investors](https://investor.liveoak.bank/) - [Online Privacy Notice](https://www.liveoak.bank/online-privacy-notice/) - [Privacy and Security](https://www.liveoak.bank/privacy-security/) - [Research](https://info.liveoak.bank/businesspulse) - [Resource Center](https://resources.liveoak.bank/blog) - [Support](https://support.liveoak.bank/) © 2026 Live Oak Banking Company. 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