Two thirds of companies really feel ‘let down’ by their banking supplier throughout Covid-19 disaster
More than two-thirds (66 percent) of small and medium-sized enterprises (SMEs) felt abandoned during the coronavirus pandemic, according to a new survey by their bank provider. Data, compiled by researchers at Parliament Street Think Tank, suggest that the divide between businesses across Europe and financial services companies has widened since the pandemic began.
The team of analysts conducted telephone interviews with 250 SMEs in the UK, France and Germany in August 2021. Sectors involved in the survey included manufacturing, food and beverage, retail and professional services.
Interestingly, 55 percent of SMEs said they were actively considering finding a new provider due to poor service levels during the pandemic. In addition, 76 percent described their banks’ payment processes as “expensive and inefficient”.
Over half (56 percent) of all respondents said that their bank does not prioritize their needs. The research also found that 34 percent are looking for a specialist financial services provider that can give them access to world-class banking services and more financial options.
As the bitcoin trend continues to gain momentum, 51 percent would consider investing in cryptocurrency this year, proving that SMEs are starting to consider alternative investment models. More than half (56 percent) said they need access to credit or credit in order to grow this year.
A surprising 67 percent say their bank offers limited financial services, and nearly half (42 percent) say they have difficulty getting professional advice on their business needs.
Justinas Basalykas, CEO of the banking service provider SH Payments says:
“SMEs are the lifeblood of the world economy and it is shocking that so many are disappointed with the support banks have given them over the past year. As companies begin to rebuild and restart with an even more digital approach and international interaction, access to capital and cross-border payment services is critical to expansion and job creation.
The key to these efforts is not only to give them access to agile financial services like e-wallets, apps-based payments and other cutting-edge technologies, but also to connect them to established, world-leading banking and financial services that are otherwise available to them not available and enable smooth and effective payment processes. “
