Monthly Email News for the Architectural Aluminium Industry

Don’t ‘bank’ on good advice, says survey
January 2017

Nearly half of all SME owners say their business has suffered a negative impact from a piece of advice given by a mainstream bank in the last year, and one in six say their business in in a worse position as a result, according to figures published this week by one commercial lender.

The survey, by Amicus Commercial Finance, showed that of those who have used the bank to help them support their business with working capital or overdraft facilities, nearly a third (30%) wouldn’t describe the bank as ‘helpful’ and nearly half (46%) of SME owners suggested they wouldn’t describe them as ‘flexible’.

The research also looked at the lack of human interaction available for SME owners when looking for working capital or overdraft facility support. The three most commonly associated grievances of dealing with a bank through a call centre are that they are time consuming (22%), frustrating (17%) and complicated (10%).

John Wilde, the company’s Managing Director said: “The research shows a worrying trend of business advice from mainstream banks been rejected or taken on board with negative consequences for SMEs. There is a growing divide between the level of business service and the flexibility required by business owners and the advice being offered by mainstream banks. As working capital and cashflow are by their very nature dynamic, most traditional mainstream systems have failed to keep pace over the last few years.

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