Up to 41% of businesses plan to switch their banking provider

Up to 41% of businesses plan to switch their banking provider

Up to 41% of businesses plan to switch their banking provider

Recent research commissioned by software provider Encompass shows that business consistently feel underserved by their banks, to the tune of 41% of them in the UK considering or actively planning to change their banking provider in the near future. With the ongoing COVID-19 pandemic, businesses have begun to rely on their financial services providers more than usual, and are experiencing a setback because of their needs not being met. Many businesses complain about long wait times for loan applications, or lack of proactivity from their bank to help them with liquidity solutions.

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