A bank account is a fundamental requirement for any business – we literally couldn’t do business without one – and it appears that the banks are missing out on the opportunity to build enduring relationships with their customers.
For many business owners, the days of a visit from a friendly, knowledgeable bank manager are a thing of the past, replaced instead by the full call centre experience. It’s therefore not surprising that 67 percent of those surveyed are actually happy to look beyond their bank when seeking finance.
Even though access to finance for SMEs remains high on the political agenda in the wake of the banking crisis, British businesses have never had so much choice when it comes to raising finance. The continued rise of peer to peer loans, online (“fintech”) lenders and general competition in the alternative finance space means that the bank is just one funding option open to a director.
Communication and trust play a key role in any business to business relationship, and without that regular ‘touch point’, how do businesses benefit from the advice and support of a lending partner?
With the major clearing banks adopting a passive approach to the majority of their business customers, offering basic services and minimal face to face advice and support, it is not surprising that businesses are shopping around when it comes to raising finance.
The attraction of a smaller, independent funder offering high quality relationship management is clear.
Here at Gener8, clear, 2-way communication with our clients is a fundamental aspect of the relationship. This enables us to anticipate their requirements and provide the right support at the right time. By sticking to our core values of great value client service, we are driven to meet the needs of business owners, who demand a real business relationship.