The results from banks are in...and the good news is they are aware they aren't doing enough for their SME customers.
Last year, our report "Redefining Digital Banking for SMBs" surveyed 501 SMBs split across the US and UK. The research found that the vast majority of SMBs have never been contacted by their relationship manager - largely the result of arm's length banking taking hold as digital channels make way for self-service.
This year, BCSG carried out qualitative and quantitative surveys with executives in banks responsible for the SMB segment of customers. The good news for SMBs is that banks are aware they aren’t doing enough and are trying hard to fix things.
However, our research highlights that there are differences between the
bank’s perception of the service they deliver, and the perception of their customers; an
example being the amount of contact customers have with relationship managers.
However, making the necessary changes isn’t easy... the research identifies some hurdles
that are preventing banks from responding quickly and effectively