Some 56% of SMEs don’t trust big corporations when it comes to understanding their business challenges, according to a new report.
The SMEs: Smallish Misunderstood Enterprises report by Adaptive Lab revealed that a lack of empathy and generic product offering from large corporations drives dissatisfaction and barriers to growth for the SME sector.
The report – which was based on a survey of 500 SMEs across the UK – also found that over half of SMEs (51%) would be happy to work with a disruptive challenger business.
The findings highlighted that 59% of business owners surveyed felt that services offered by corporate service providers are ‘one-size fits all’ and not tailored to their needs.
Over 60% of the high ambition businesses claimed that they felt underserved and undervalued by their big service providers, while more than half (55%) of mid-ambition SMEs believe that large corporate service providers often make them feel small and unimportant.
Chris Moisan, principal at Adaptive Lab, said: “Most service providers approach the SME segment as a homogeneous community, ignoring their diversity and unique needs.
“Is the definition of an SME still fit for purpose?
“The small- and medium-business sector is a mighty force in our economy.
“The opportunities are huge for any business willing to rethink their approach and reimagine services for SMEs, so we wanted to better understand the issues and scope of possibilities for both sides.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
U Account introduces cash pay-in option
U Account has launched a cash pay-in option for its 50,000 current account customers.
Aldermore provides £6.27m loan for south London development
Acre Invest has agreed a £6.27m funding package with Aldermore to build a large commercial unit and 18 apartments in Sydenham, south London.
Metro Bank to launch AI-powered money management service
Metro Bank has announced the upcoming release of Insights, a new artificial intelligence-powered money management service.
Over 500,000 complaints made about current accounts
The FCA has revealed that 509,047 complaints were made to financial services firms about current accounts during the second half of 2017.
A guide to ethical banking
Some 56% of workers with a pension are interested in investing in community projects, according to recent research.
Countingup partners with PrePay Solutions
PrePay Solutions (PPS) has joined forces with challenger bank Countingup to provide business accounting and banking together in one place.
TSB and Enterprise Nation offer SMEs digital MOT test
TSB’s small business customers have the opportunity to undertake a newly created digital MOT test as they join the Enterprise Nation community.
Revolut introduces spare change savings feature
Revolut has become the latest mobile banking platform to add a spare change savings feature to its current account.
GDPR compliance highlighted at first FIBA roadshow
The Financial Intermediary & Broker Association (FIBA) held its first regional roadshow last Thursday (12th April) in north London.
Moneyhub integrates with Monzo and Starling
Moneyhub has integrated with Monzo and Starling’s APIs to provide customers of the digital banks with a comprehensive overview of all their financial assets.