The economic contribution of UK SMEs is elevating Britain towards a prosperous future. And improving the growth and productivity of smaller business is vital to enhancing the economy as a whole.
Finance markets need to be effective in supplying funding to smaller business when it’s needed and to ensure small businesses have the ability and confidence to obtain the finance that’s right for them. Post-recession, lenders are nervous and traditional banks are causing their customers to jump through hoops to receive their funds. Even after their application is accepted, SMEs are having to wait weeks, if not months, to access the funds they need to propel their business growth.
In the wake of the new digital era, it is crucial that financial institutions focus on their customer relationships, rid themselves of legacy systems, and capitalise on opportunities presented by new regulation. With new entrants in the market, providing cheaper, faster and more flexible business loan alternatives, SMEs are beginning to move away from traditional bank-based models.
Our latest study – conducted in partnership with Populus – considered the thoughts and experiences of SME Directors when acquiring finance for their business. The study explored the importance of certain features and highlights possible improvements that could be made to the lending process to ensure a maximised experience for the borrower.
In particular, we examined:
- The current state of the borrowing experience for SME Directors when applying for business finance
- The levels of satisfaction felt with various aspects of the overall borrowing experience
- Which features generate the best experience, from first point of applying through to receiving funds
- Which features could improve the overall customer experience in the future
Download your own copy of our survey report ‘The New Era in Commercial Lending’ and find out how SMEs are waking up to the transformation in the B2C finance arena and how they are seeking similar experiences and personalisation in their business engagements.