A joint venture by HM Treasury, the Federation of Small Businesses and the British Chambers of Commerce has revealed the UK’s attitudes toward business banking providers for the first time. Around 5,000 micro, small and medium sized businesses across the UK were interviewed to assess their satisfaction with their business bank provider, and the results have now been published on a new website, Business Banking Insight.
Businesses were asked to rate their bank out of five in five key areas:
- Tailored services
- Keeping customers informed
The results have been split out by business size (sole trader, 1-9 employees and 10-249 employees) to allow prospective buyers to see how similar businesses rate the services of each bank. A further 10,000 businesses will be surveyed later this year.
Chancellor George Osborne, who OK’d the scheme, said:
“I welcome the first set of results from the new Business Banking Insight survey, which I commissioned to provide Britain’s small and medium-sized businesses with a clear and credible way to judge how their bank compares to its competitors.
“A key part of our long term economic plan is increasing competition and choice in banking, and ensuring Britain’s SMEs get the best possible service from their bank. This new survey will be a powerful tool for these businesses, providing them with the means to see who’s up for the challenge and who isn’t.”
At the time of writing the top-rated bank for freelancers and contractors was Triodos with a full 100% (although only one review), while AIB Group languished in last place with a rather lacklustre 15%. Of the big five high street banks Santander ranked top with 67%, while RBS and HSBC came joint bottom with 56% apiece.
Photo by Allan Donque