ARE SMES SETTLING FOR AVERAGE ?
ARE SMES PREPARED TO SWITCH ?
DIGITAL DISRUPTION
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ARE SMES SETTLING FOR AVERAGE ?
The banking giants face the danger of losing SME customers to digital competition , especially amidst the constant flurry of IT issues ; recent research discovered that 39 % of SMEs regularly experience tech problems with accessing the banking services they require , and nearly 10 % said it happens “ every time ” they try to access these services . As technology continues to advance at a rapid rate , it cannot be acceptable for customers to consider as normal that they experience an issue every time they use a banking service . It begs the question , should SMEs be considering a service they love that also better addresses their needs , rather than simply accepting the familiar ?
ARE SMES PREPARED TO SWITCH ?
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 non-banking brand . So where are the big banks getting it wrong ? The main incentive for a switch
DECEMBER 2018