What forces are at play? In simple terms, commercial banks are having to find the balance between rapid change and traditional business models—as customers’ move to digital behaviours comes up against banks’ established model for serving SMEs.
SMEs want—and increasingly expect—the best of both worlds. It’s a conundrum—and one that incumbent banks must solve quickly, if they’re to stay ahead of the disruptive new entrants in SME banking.
- 1,000 senior business decision makers in UK SMEs were surveyed to find out what they want from their commercial bank.
- Most UK SMEs value their relationship manager but 77 percent say they need digital banking services. Banks will need to balance both well to be successful.
- Four main findings highlight a need for commercial banks to balance two, often contradictory, forces: rapid change and traditional business models.