Member Article

Smart Money People investigate North East business banking

An in-depth survey on how North East business owners rate their business banking will be launched today (Monday, 16 January).

The research, Business Banking Pulse, is being undertaken by Newcastle-based Smart Money People in partnership with North East England Chamber of Commerce, and all businesses throughout the region are being encouraged to share their experiences to help deliver a valuable and representative snapshot of businesses’ financial experiences.

The survey will also uncover how businesses are feeling about the impact of Brexit on the financial services they rely upon.

The aim of the survey is to identify where banks can improve what they offer in areas such as access to capital, account fees and relationship management. It is also anticipated that the survey will highlight innovative practices and learn more about how businesses are making use of new business-focused FinTech firms.

Mike Fotis, CEO, Smart Money People said: “Business banking has traditionally been a source of frustration for many businesses – big and small.

“On a national level, it is consistently one of the poorest performing products for customer satisfaction. Working with the Chamber, we’re keen to find out more about the experiences of businesses in the region.

“Last year one business, CASA Safety Services, told us that they ’have no problems with their banking apart from bank charges.

“It is very easy to get onto online banking and overall they are very efficient and accessible.’ Other respondents complained about poor online banking and a lack of support.”

Ben Powick, policy adviser, the Chamber said: “Our Manifesto pledges to raise awareness of business finance options in the region.

“The second annual Business Banking Pulse survey will give us a good insight into how the banking sector is responding to the needs of business, thereby giving us a chance to see at any opportunities for improvement.

“We found last year’s survey produced interesting results. The vast majority, 71%, were overall satisfied with their banking provider, however, many indicated that they felt bank charges were too high. It will be interesting to see if the economic and political changes in the past year have had an impact on any of the results”

The North East Business Banking Pulse will run from Monday 16th January to Friday 17th February and is open to businesses of all sizes. Businesses can take part by clicking this link.

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