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Digital banking : SMEs dissatisfied with the offering , study shows
O nly around 40 % of SMEs are satisfied with their banks ’ digital offerings . In addition to better basic digital functions , they would like to see an optimised user experience . This is according to a market study by CREALOGIX in Switzerland , Germany and the UK .
The results of the study emphasise the current challenges facing banks in their cooperation with SMEs . A total of 466 SMEs and 157 banks were surveyed between April and May 2021 . The low level of satisfaction is a wake-up call for banks , as the study revealed that the overall level of satisfaction of SMEs was based on which digital services their banks provided .
Four out of 10 SMEs surveyed are satisfied with their banks ’ digital offerings . Just under 80 % would like to see improved functionality when it comes to digital banking and more digital touchpoints with their bank . The study shows that , from the point of view of SMEs , digital solutions are one of the basic offerings they expect from their banks .
Yannick Decaumont , Vice President Group Product Management at CREALOGIX , said : “ So as not to lose touch with new competitors such as neobanks , banks now need to adapt to the requirements of their customers . The
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SO AS NOT
TO LOSE TOUCH WITH NEW COMPETITORS SUCH AS NEOBANKS , BANKS NOW NEED TO ADAPT TO THE REQUIREMENTS OF THEIR CUSTOMERS . study shows that there is a major gap between the needs of customers and the strategic direction of banks .”
In fact , 70 % of SMEs surveyed stressed the importance of digital communication channels . When it comes to banks , on the other hand , only around 40 % plan to implement such channels .
Optimisation potential for conversational banking
The demands on banks depend on the size of each SME – larger companies tend to be more satisfied . Overall , satisfaction is at its lowest when it comes to onboarding and the user experience .
Generally , SMEs want more functionalities that go beyond the classic banking business , for example , the integration of digital accounting software , management of expenditure and invoices and also billing . Larger banks are sometimes able to offer those services themselves , while with smaller banks there is a tendency to rely on the offerings of the integrated ecosystems of third-party suppliers . This allows banks to offer a wide range of additional services on a platform . �
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