With stories breaking of banks suffering from technical glitches , leaving customers locked out of their accounts , and chief executives resigning due to the effect of IT meltdowns , it ’ s a reminder that it isn ’ t good enough in today ’ s customer-centric world to expose customers to poor digital services . Despite these shortcomings , customers are still reluctant to switch bank accounts from established brands - which is increasingly becoming a problem with small to medium-sized enterprises ( SMEs ). In fact , recent research ( from a Unisys study ) has shown that 97.8 % of SMEs expressed satisfaction with their existing provider , while 60 % of SMEs have no plans to change banking provider in the next five years , citing trust as their main reason for choice . The research also highlighted the quality of today ’ s digital offerings were not a driver for SMEs when choosing their provider . With recent banking technology blunders , challenger banks are able to prioritise robust digital services and new , innovative propositions could force a power shift in the banking industry .

“ 1 in 6 SMEs stated that they would be willing to switch accounts in the next twelve months . Even more staggering is that almost half ( 47 %) stated if they did switch , they would move to a challenger bank , digital bank , or nonbanking brand ”