47% of Business Owners Claim Their Bank Gave Them Bad Advice
30% of enterprise owners wouldn’t describe their bank as ‘helpful’ while 46% wouldn’t describe them as ‘flexible’ either, a new report claims
47% of UK small business owners claim that advice they received from their bank had a negative impact on their enterprise, according to a report by Amicus Commercial Finance.
The survey of 504 small business decision makers revealed that 16% admitted their firm is now in a worse position having accepted such recommendations – with 40% saying the service they’ve received in the past “isn’t good”.
The relationship between small businesses and traditional lenders appears to be straining, with 30% of enterprise owners refusing to describe their bank as ‘helpful’, while 46% wouldn’t describe them as ‘flexible’ either.
When quizzed about their biggest grievance with modern day banks, respondents cited having to deal with call centres as a means of customer service as the biggest – believing them to be time consuming (22%), frustrating (17%) and complicated (10%).
John Wilde, managing director of Amicus Commercial Finance, said:
“The research shows a worrying trend of business advice from mainstream banks been rejected or taken on board with negative consequences for small businesses. There is a growing divide between the level of business service and the flexibility required by business owners and the advice being offered by mainstream banks.
“As working capital and cashflow are by their very nature dynamic, most traditional mainstream systems have failed to keep pace over the last few years.”