Bank satisfaction rates up for small firms

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A growing number of UK SMEs are satisfied with their banking provider

Small to medium-sized enterprises (SMEs) across the UK have demonstrated increasing levels of satisfaction with their bank during the last 12 months.

According to the results of the latest Business Banking Insight report (BBI) from the British Chambers of Commerce (BCC) and the Federation of Small Businesses (FSB), 26 per cent of UK SMEs stated they would recommend their bank to others - this was an improvement from the figure of 23 per cent that was recorded this time last year.

Broken down by sector, the results revealed how firms in the financial services industry were least satisfied, with 20 per cent saying they would recommend their current banking provider.

Meanwhile, businesses in mining, utilities and accommodation, and the food services sector were the most satisfied (36 per cent).

FSB national policy director and spokesperson for the BBI Mike Cherry commented: "This is a clear demonstration that improving competition in the business banking market can lead, and should lead, to improved services for all small businesses.

"We trust all the banks will use these BBI’s findings to give business customers the service they expect."

BCC director general John Longworth added that the figures show positive movement in terms of rising levels of satisfaction, but they also highlight the fact that there is far more that can be done to boost these statistics further.

"SMEs are the backbone of British industry and the BBI initiative is designed to offer additional support to this vital part of the UK economy," he concluded.