Small business banking not delivering, claims FSB
| Date Added: Tue May 15 2007 |
The Federation of Small Businesses (FSB) reports a misalignment between the big bank's record profits and poor customer service.
Whilst the majority of small businesses (70%) claimed that they were satisfied with their bank, they also felt that when the service ~goes wrong, it goes badly wrong~. Switching accounts, overcharging and poor customer services are the critical areas where small businesses remain unsatisfied. The report concludes that the lack of understanding of small businesses by bank staff is a major area of concern.
The FSB also say that the banks have failed to fulfil their commitment to the Competition Commission to offer free banking or pay at least 2.5% interest on business current accounts - and to publicise these services to their customers.
Mike Cherry, FSB Financial Affairs Chairman, said: ~There is a long way to go before small businesses get the quality of service from their banks that they need and deserve. There has to be a culture change within the banks so that they understand the needs of their small business customers and can then deliver even better services for them.~
~The Competition Commission found that the major banks were making |
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