This disturbing headline is one of the findings of a recent Close Brothers survey looking at SMEs and their relationships with the banks for advice and finance.
A paltry 17% of the SMEs felt their high street bank understood the challenges of business and were concerned that their bank was not well enough equipped to offer bespoke advice and support to them. This should make worrying reading for the banks.
Equally as worrying for the banks was the finding that only 26% of SMEs thought that their high street bank was able to meet their funding needs.
These are some of the reasons that the alternative finance market continues to grow. It provides the products businesses are asking for but in a much quicker and more efficient way, and with a vastly better customer experience.