66 per cent of businesses feel ‘let down’ by their bank during Covid and as a result a third want to switch to a specialist provider, research has found.
Parliament Street Think Tank’s survey of 250 small- and medium-sized enterprises (SMEs) across the UK, France and Germany in August revealed that 55 per cent are actively considering seeking a new provider as a result of poor services during the pandemic.
Furthermore, 76 per cent labelled their banks’ payments processes as ‘expensive and inefficient’ and 56 per cent said they think their bank does not prioritise their needs.
Just over a third (34 per cent) reported they are seeking a specialist financial provider to receive more financial options and access to tier one banking services.
More SMEs are looking at alternative investment models as well, with 51 per cent considering investing in crypto this year.
Over two-thirds (67 per cent) said their bank offers a limited suite of financial services and almost 42 per cent reported they struggle to access professional consultancy about their business needs.
“SMEs are the lifeblood of the global economy, and it’s shocking that so many feel disappointed in the support offered to them by banks over the last year,” said Justinas Basalykas, chief executive of banking services provider SH Payments.
“As businesses begin to rebuild and reboot with even more digital approach and international interaction, getting access to capital and cross-border payments services is critical for expansion and job creation.
“Key to this effort is not only giving them access to agile financial services such as e-wallets, apps supported payments and other cutting-edge technologies, but also by connecting them with well-established world-leading banking and financial services which otherwise wouldn’t be available to them, enabling smooth and effective payments processes.”