Less than half of SMEs (49%) believe that their bank understands their needs, according to new research.
The ‘Boosting Local Business’ report from TSB revealed that providing small businesses with access to the products, tools and advice they need could deliver a 10% increase in their productivity and boost UK GDP by up to £70bn.
The report – which is based on research from Oxford Economics and YouGov – found that:
• 47% of small businesses believed that they paid an unfair amount in business banking charges
• over two-thirds of SMEs (68%) believed that their needs were being overlooked in favour of larger, more profitable companies
• just a quarter of small businesses (24%) said that they had access to advice, tools and services that gave their business the confidence to be more digital
• 60% had no idea what services their bank could offer to help them become more productive.
“Small businesses are the beating heart of our local communities, but as our research shows, more needs to be done to help them start, run and grow,” said Richard Davies, SME banking director at TSB (pictured above).
“At TSB, we hope that by unveiling key opportunities to help small businesses – and committing to rolling out a new business banking offer over the coming months – we will be able to play our part in unlocking this huge potential for the UK.”
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