Despite efforts by financial services sector and other key stakeholders to rebuild customer relationships, businesses remain reticent to shop around for a better deal, and concerned about the paucity of options they face.
Many of businesses still struggle to differentiate between finance providers and still view the major banks as being “all the same” and so there may be a reluctance to move to a new bank even if the process for switching is made easier.
This is reflected in the results from the first Business Banking Insight Survey which revealed very similar ratings achieved by the big four banks across a wide range of indicators.
For example, for business current accounts, average satisfaction scores from small and mid-sized firms for the four major banks revealed that, on average, around a third of such firms are not satisfied with the level of service that they receive.
There is also little shopping around with businesses typically staying with their bank for a prolonged period of time and purchasing most of their financial product and services from the same institution.
However, the reality has been that businesses have long struggled to find access to the information they need to make an informed decision on who is the best financial provider for their firm.
Since businesses trust other businesses, firms place a huge weighting on the views of their peer group when making business decisions. That is why initiatives like Business Banking Insight (BBI) should be a vital tool for your business – as it shines a light on how businesses are treated when they engage with banks, including key criteria like the speed of decision-making, quality of onward support, consistency and transparency.
That is why this first of its kind website which looks at how well the UK’s small and medium-sized businesses are being served by their finance provider and is designed to help businesses make better informed banking decisions is supported by a wide range of stakeholders from the banking sector, Whitehall and the business community because it empowers business customers to make better choices by putting more information directly in their hands.
The real stand out point of BBI is that it allows you to review the performance of your bank to enable firms to make valid comparisons between financial institutions based on your own set of criteria. So, for example, if you’re a manufacturer looking for loan you see which finance providers are recommended by businesses that work in your sector.
Once you’ve found the right finance provider of the product or service for your business the BBI Site allows you to link directly to the website of the provider in question to find out more around pricing and terms and conditions as well as contacting the provider directly.