Comarch has interviewed over 50 London’s Tech City companies about the service provided by their banks and prepared the report.
Comarch research shows that most companies trust their banks and believe that tailored products and services could help them with their businesses, however just over half (53%) of respondents are happy with their business banking. There are some areas of concern where banks could do more to support SMEs, especially the smallest ones. Only 48% of micro-enterprises are happy with their business banking. 59% believe business growth would be significantly improved with specialist banking services, but most are not being offered them.
- SMEs make up 99.9% of all UK private enterprises and yet they are still getting a poor service from their banks. Services such as cash flow forecasting and payment automations are vital for SMEs to control their finances and streamline internal processes. Despite the dedicated services not being offered, many of the companies we spoke to said they would be willing to pay for them. Only 7% of micro-enterprises had been offered cash-flow forecasting, for example, but more than one-in-four would be willing to pay for them. said Eva Jasiecka, Managing Director UK of Comarch.
Based on the research, we have three recommendations for the industry:
- Banks need to invest in tech to deliver new services - banking technology is developing swiftly and new services must be easily adopted and offered by banks to remain competitive
- Banks need to get mobile right - banks must make sure that the service they offer is the service business wants
- Banks need to tailor services to business requirements - banks need to address SMEs with proper attention and provide them with specialist products, advice and services that will allow them to flourish.
To learn more download the report >>