SMEs cry out for better banking; this is the message, loud and clear, from the 162 UK SMEs that took part in iGTB’s survey, the results of which are announced today.
Despite representing 99% of businesses in the UK and pinpointed as “critical” to the growth of the economy, SMEs have traditionally been poorly treated by banks. “Ignored”, “under-served” and “neglected” are all words we hear repeatedly when it comes to banks’ handling of SMEs, not helped by the fact that there have been many misconceptions around the precise banking capabilities required by SMEs.
But the mists have now been cleared, with iGTB’s deep-dive survey into SMEs’ problems and preferences revealing 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.
How technology can address the customer service gap:
To read the full report and survey results, please click here: http://www.igtb.com/smesurvey