The Top 5 Bugbears Banks Cause for SMEs (Infographic)
Small and medium sized businesses have stories to tell about the relationship with their business bank. A lot of them are not positive at all, and some desperately need a happy ending.
Business owners told us about the top 5 bugbears that banks cause for them:
- Inconsistent relationship
- Inferior understanding of business challenges
- Lack of responsiveness
- Onerous processes
- Clunky online & mobile banking
Here are some quotes from conversations we’ve had with senior executives that illustrate these top 5 bugbears:
- “There’s no one to talk to.”
- “I haven’t been able to get an answer from the bank on cost and process after weeks of asking.”
- “You end up dealing with someone who’s remote from where you’re based.”
- “I feel like I’m running alongside the bank rather than the other way around.”
- “Loan applications when going through a credit committee seem like dark arts…”
- “It’s a terrible online and mobile experience, mobile is even worse than online.”
- “When I had conversations online and with the help desk, it feels like you’re dealing with two separate organisations.”
A well-managed relationship tops the business banking wishlist
Senior executives in SMEs value a well-managed bank relationship and great technology. They want capable relationship bankers who are accessible, provide support when needed and keep in touch regularly. Business leaders also want excellent online and mobile banking so they can get their day-to-day banking done with ease.
The following quotes show some of the expectations senior executives have towards their business bank:
- “Onsite service would change the dynamic of the relationship.”
- “The most important thing is to understand the business well, then they can make a call fast what to do to help.”
- “Relationship managers must be accessible.”
- “Give me slick online and mobile banking.”
- “I want to be able to do everything online so I don’t have to go to a branch.”
Source: CivilisedBank research
What are your bugbears with business banking?
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