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Home Uncategorized MEDIUM SIZED BUSINESSES MORE LIKELY TO CONTACT THEIR BUSINESS BANKING MANAGERS WHEN WORRIED ABOUT FINANCES

MEDIUM SIZED BUSINESSES MORE LIKELY TO CONTACT THEIR BUSINESS BANKING MANAGERS WHEN WORRIED ABOUT FINANCES

by Uma
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27 April 2022: The digitalisation of banking, which was given a boost during the pandemic, shows no signs of slowing down.

Recent surveys1 have found that not only were more banking customers using online services for the first-time during lockdown, but also that this trend is growing.

Despite this shift to digital, customers still want to talk to someone when and if they need specific assistance.  New research2 conducted by Cynergy Bank found that most small and medium businesses want contact with their bank relationship managers when dealing with more complex issues or when they were worried about finances, with 82% of medium businesses and 64% of small businesses agreeing.

Additionally, 81% of medium sized businesses were confident in their business banking managers’ knowledge and understanding of their business compared with 56% of small businesses.

Nearly half (46%) of all SMEs desire a more personalised banking service because of the pandemic and the shift towards online banking.  This is especially true for 81% of medium sized businesses.

Interestingly, despite wanting human contact with business bank managers, face to face contact was the least popular form of contact cited by SMEs (38%) along with phone contact (38%). Email was the most preferred form of contact with 44% of SMEs preferring to be contacted by their Bank this way.

Nick Fahy, CEO of Cynergy Bank commented, “The pandemic inevitably accelerated the shift to online banking advancing the trend by a number of years.  Although it appears this trend is here to stay, our research continually tells us that customers still value human interaction, especially in moments of need.

“At Cynergy Bank, we understand the importance of providing the right services to customers, in the right way.  We remain committed to creating the human digital bank of the future for those looking for human relationship management from their bank as well as the latest digital technologies.”

 

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