The survey showed that digital banking services have been vital for SMEs during the past year, with almost four-in-five (78%) saying the COVID-19 outbreak has made them more reliant on digital banking than ever before. Yet despite the increase in demand, 84% of SMEs are frustrated with their business banking experience, while three quarters say banks ‘must do more’ to offer a better digital experience.
Given the rising dissatisfaction among the surveyed SMEs, banks must move quickly to address frustrations and seize this opportunity to further digitise services, or risk losing market share. Other key findings among SMEs surveyed include:
Almost nine in ten (89%) of the 400 UK SMEs surveyed say it is important that banks offer more digital services within business banking post-COVID-19;
More than two thirds (67%) of SMEs say that if their business bank account provider is unable to provide better digital capabilities, they are more likely to switch to another provider;
28% have changed business bank accounts in the last two years, citing better online and digital customer support (31%) and better services (29%) as the main reasons for switching;
68% say the digital features of business bank accounts aren’t as advanced as consumer bank accounts.