Small and medium-sized enterprises (SMEs) seem to be realising that they could get better business banking deals when they shop around.
Nearly half of SMEs have switched business banking accounts recently, or are considering making the change, says Alliance & Leicester.
Poor customer service was the reason cited by 36 per cent for switching, the Alliance & Leicester Commercial Bank Business Banking Observer found.
Another 17 per cent switched business banking providers because they felt their bank didn't understand their business.
One in five business banking customers felt their bank offered them good.
The most important business banking services are online banking and counter access for cash deposits, three-quarters of the 731 surveyed businesses said.
"Service is a key issue," says Steve Jennings, business banking director at Alliance & Leicester Commercial Bank.
Traditional banks don't offer business banking customers value for money, he believes.
"There is now more choice than ever in business banking for SMEs and it is crucial that they have the right services to match their current and future needs," Mr Jennings points out.
SMEs are losing out on more than £136 million every year if they fail to shop around for the best current account deal, Alliance & Leicester Commercial Bank found earlier this year.
Business banking customers seem ready to switch
Business banking customers seem ready to switch
Tue, 01 Nov 2005
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