Survey results from telephone interviews with 250 SMEs across the UK, France, and Germany
66% of small and medium-sized enterprises have said they felt let down by their banking provider during the pandemic, according to a survey.
The data, collated by researchers from the Parliament Street Think Tank, indicates that the disconnect between businesses across Europe and financial services organisations has widened since the beginning of the pandemic.
Industry sectors involved in the research included manufacturing, food and beverage, retail, and professional services.
In fact, 55% of SMEs said they are actively considering seeking a new provider as a result of poor services during the pandemic. Additionally, 76% described their banks’ payments processes as ‘expensive and inefficient’.
At the same time, 56% of all respondents stated that they think their bank does not prioritise their needs. The research also revealed that 34% are seeking a specialist financial provider to give them access to tier one banking services and offer more financial options.
As the Bitcoin trend continues to build traction, 51% would consider investment in cryptocurrency this year, proving that SMEs are starting to consider alternative investment models. Whilst over half said that they need access to credit or loans in order to grow this year.
Meanwhile, 67% say their bank offers a limited suite of financial services and 42% say they struggle to access professional consultancy about their business needs.
We’ve reported that a refresh to British Airways AmEx Accelerating Business Card announced.