iGTB today released a survey that examines under a fine microscope the banking requirements of small- and medium-sized business, and whether they are being met by banking providers.
SMEs represent 99% of UK businesses and are critical for real economic growth, Yet SMEs continue to be underserved by banks. They are often “ignored” and “neglected”, due in part to manifold misconceptions around the precise banking capabilities they require.
But iGTB’s survey into the minutiae of SMEs’ problems and preferences has revealed the truth around their banking needs and turning common perceptions on their head.
- SMEs aren’t satisfied with less sophisticated or domestic-only corporate solutions,
- Good customer service requires more – not less – automation,
- Technology should be used to inject expertise, not just to streamline processes,
- And the ability to meet evolving SME demands is financially viable for banking providers, even in today’s already-pressured banking environment.
New technological capabilities – from automation and advanced analytics to multi-device portals and real-time processes – mean banks can finally improve their client offering to this segment in a financially-viable manner, and SMEs in turn can much more easily attain the tools, solutions and expert advice they so sorely need. This survey, where SME banking frustrations are laid bare, should therefore be a call to arms; the catalyst for banks to change their ways and usher in a new era for SMEs.
To read the full report and survey results, please click here.