"The survey of 2,250 UK SMEs found that while 70% of SMEs report overall satisfaction with their main bank, half are dissatisfied with the level of proactive advice provided. This is also one of the top reasons why nearly one third (29%) of SMEs are open to switching their primary bank to another provider in the next year, alongside a desire for the provider to have more knowledge of their business, better branch access, competitive pricing and improved digital banking."
"Half of SMEs now use fintechs for their business banking needs, up from a third five years ago, suggesting that fintechs are increasingly attractive by their competitive fee offers, seamless application processes and higher quality digital banking. SMEs increasingly believe that loyalty should be better recognised, with rewards such as discounts and cashback ranking ahead of interest rates as reasons to switch card providers."
"Mobile banking apps have rapidly become the go-to channel for SMEs, with more than half using them weekly, up from 1 in 3 in 2019. However, businesses today expect more from their digital experiences and are looking for personalised features that help solve their specific business needs. The top three personalisation features desired by SMEs are: Tailored product recommendations and applications provided as part of their digital banking platform"
70% of SMEs report overall satisfaction with their main bank, yet half are dissatisfied with the level of proactive advice and personal service. Nearly one third (29%) of SMEs are open to switching their primary bank within a year, driven by desires for providers with more business knowledge, better branch access, competitive pricing and improved digital banking. Half of SMEs now use fintechs for business banking, up from a third five years ago, attracted by competitive fees, seamless application processes and higher-quality digital services. SMEs prioritise rewards, customer service and personalised mobile features.
Read at London Business News | Londonlovesbusiness.com
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