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47% of SMEs prepared to move away from traditional banks

Theo Osborn | 15:24 Thursday 18th October 2018

Almost half of SMEs in the UK (47%) would move to a challenger/digital bank or non-banking brand if they decided to switch, according to the latest research by Unisys Corporation.

The study found that one in six SMEs were looking to switch banks in the next 12 months.

Some 39% said they regularly experienced technological problems that stopped them from accessing the banking services they required, with 8% stating that this happened “every time”.

Simon Healy, industry director at Unisys Financial Services, EMEA, said: “SMEs are tech-savvy with, often, a higher uptake of online and mobile services than most consumers, and yet many experience technical difficulties regularly.

“They see the use of technology by banks as critical to retention, but also in the development of new and innovative propositions that can enable their business.”

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