Nearly two-thirds of SMEs haven’t switched banks for over five years

By Aisling Finn on Wednesday 25 March 2020

Digital Banking

The report published by Revolut Business surveyed 602 UK, French, and Polish SMEs.

Nearly two-thirds of SMEs haven’t switched banks for over five years
Image source: Photo by Helloquence on Unsplash

 

Revolut Business has today released a report that shows that 63 per cent of SMEs have been with their current bank for five years or more and nearly a quarter of SMEs haven’t changed their banking provider since 2008.

Over 600 British, French and Polish businesses were surveyed in November 2019 to produce the report, the most recent research report for Revolut Business. 

The report also revealed that 79 per cent of UK SME banking customers are with their current bank because of an existing personal banking relationship, however, the rise in popularity of digital banks could be set to change this.

UK SME banking customers are least likely to pick their bank because of sector-specific offers and other than previous banking relationships, UK SME customers are most likely to choose a bank based on the range of services on offer.

Vaidas Adomauskas, head of product at Revolut Business, said: “Most SMEs have stuck with longstanding, traditional business account relationships, but this is set to change.” 

“They’re looking for features that make running their business finances faster, more flexible, and more friendly toward global growth. SMEs are less reliant on cash and physical branches and more focused on user-friendly experiences across web and mobile.”

Revolut’s findings suggest that roughly half of SMEs are reportedly looking to change business account providers in the next year.

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