Banks are looking for new revenue streams. Providing excellent service to SME customers is an opportunity often overlooked by banks. There are an estimated 4.7 million SMEs in the UK – accounting for 99.9% of private sector business. Can you afford to ignore this market?
Business customers don’t have time to fill out a time-consuming and complicated application and then wait days — or even weeks — to open a new bank account, or to repeatedly enter the same information into separate applications to obtain multiple products. If the process isn’t quick and easy from any device, customers simply decide to take their business to a bank that offers a more convenient and customer-friendly experience.
To date, banks have been unwilling to tailor their services to meet the specific needs of SMEs. By failing small business owners, banks are ignoring the opportunities of the lucrative business banking market. Large banks likely have upside available today for existing SME customers, adding a cross sell capability — to apply for additional credit, for example — would bring banks a significant upside.
The good news is anyone can adopt the best practices , proven by the success of top banks, to create a customer-focused acquisition and onboarding experience.
If you need help to open a business bank account email us your details to email@example.com or check our website for further details on www.stanleycarter.co.uk