| FSB calls for a Post Bank |
| Monday, 14 June 2010 07:35 |
|
SMEs crying out for an alternative in the highs street banking space.
SMEs crying out for an alternative in the highs street banking space. New research out this afternoon suggests SMEs are desperate for an alternative to the current offering of high street bank brands. The survey forms part of the FSBs latest monthly survey which shows that a quarter of all respondents are dissatisfied with the support offered by their high street bank over the last 12 months. This comes on the same day as the Future of Banking Commission report into the banking sector. It also comes as the UK highs street banking sector gets set for further consolidation with analysts saying Santander is likely to snap up the 318 high street branches RBS must dispose of. This publication had hoped for a new entrant into the stagnating sector. The FSB research also show that the level of dissatisfaction rises as the number of business managers in charge of the account over the previous two years increases. Dissatisfaction ratings for those who have had one (13%) or two (27%) business managers is quite low but the rating increases significantly when you get to those firms which have three or more, with three at 52 per cent, four at 53 per cent and five at 70 per cent dissatisfaction. Despite 26 per cent of firms saying that having a good working relationship with their bank manager is one of the most important factors in their choice of high street bank, almost half (46%) of respondents’ bank managers are not based locally. Other factors important in the choice of bank for small firms are convenient location of the branch (33%), holding a personal account with them (30%) and having the most competitive business account package (30%) – which 21 per cent of respondents note as the single most important factor. A Post BankThe FSB is calling for the establishment of a Post Bank utilising the Post Office network. This will provide a local and trusted option for the UKs small businesses as well as providing more competition into the banking sector. |
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