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72 % of business account holders have never switched business bank providers
Just under three-quarters ( 72 %) of UK business owners and directors have never switched business bank accounts before , according to a new report from , personal finance comparison site , finder . com .
Furthermore , 64 % of business account holders don ’ t intend to switch in the next 12 months .
Interestingly , three in five ( 60 %) business account holders have their business account with the same provider as their primary personal account . This is particularly unusual as , in comparison , 61 % of Brits have switched their accounts last year according to our digital banking adoption survey back in January 2022 .
However , attitudes in the business banking sector may start to change as 36 % of business bank users intend to change providers within the next 12 months . This includes 29 % of business account holders who have never switched before but intend to this year .
Challenger banks have the highest satisfaction for business banking
Despite the lack of business account holders who have ever switched banks , challenger banks have a significantly higher customer satisfaction score , with 88 % of their customers saying they are satisfied or very satisfied with them .
This is in comparison to three-quarters ( 76 %) of users of traditional bank providers .
Online banking is a major priority for business owners
A significant 75 % of business account holders have selected online banking as the most important feature needed when considering a business bank account .
This is closely followed by mobile app banking ( 73 %) which indicates business banking users are favouring digital banking features above all .
Other priority features include level of customer service ( 72 %), cost of account transaction fees ( 71 %) and cost of monthly account fees ( 70 %).
At the bottom of the list , employers consider having an additional card for employees as the least important feature ( 50 %) according to the survey results .
“ While historically , business owners and directors have seemed quite reluctant to switch providers , our findings indicate there is an appetite to switch bank accounts as business banking priorities shift towards digital-led features ,” said Michelle Stevens , author of the report and Banking Deputy Editor at finder . com .
“ In addition to our survey , our analysis of figures from Pay . UK shows that over the past five years ( between 2017 to 2021 ) 207,500 small business bank account switches were made using the Current Account Switch Service ( CASS ).” x
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