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Majority of small firms 'happy with their bank'
25/04/2007
The majority of small businesses are satisfied with their bank, new research from the Federation of Small Businesses (FSB) reveals.
In total, 70 per cent of small companies are happy with the level of service they receive, according to the organisation's report.
More than 4,000 firms were surveyed by the FSB, as the group analysed the progress made since the Cruickshank Review of 2000.
Despite the general positive response from businesses, the survey finds that there are still some unsatisfactory elements of corporate banking - overcharging and the process of switching accounts.
Mike Cherry, financial affairs chairman at the FSB, said: "Banking services for small businesses have improved over the last few years.
"However, there is a long way to go before small businesses get the quality of service from their banks that they need and deserve."
A culture change within the banks is needed in order for them to understand the requirements of their small business customers, he added.
In total, 70 per cent of small companies are happy with the level of service they receive, according to the organisation's report.
More than 4,000 firms were surveyed by the FSB, as the group analysed the progress made since the Cruickshank Review of 2000.
Despite the general positive response from businesses, the survey finds that there are still some unsatisfactory elements of corporate banking - overcharging and the process of switching accounts.
Mike Cherry, financial affairs chairman at the FSB, said: "Banking services for small businesses have improved over the last few years.
"However, there is a long way to go before small businesses get the quality of service from their banks that they need and deserve."
A culture change within the banks is needed in order for them to understand the requirements of their small business customers, he added.