Small Business Banking - UK - June 2015
“Banks have a larger potential customer base for small business banking products than ever before. However, there are gaps in the market that must be addressed. Convincing sole traders of the benefits of business accounts over personal ones is key to growing account numbers.”
– Rich Shepherd, Financial Services Research Analyst
This report looks at the following areas:
- Satisfaction may be high, but trust is low
- Banks need a new approach to self-employed workers
This report examines the UK market for small business banking, specifically small business current accounts. This includes discussion of the size of the market for small business current accounts, with a forecast for the next five years, and a look at major factors which influence the market. The report also examines lending to small businesses.
The report looks at the key players in the market, including market share, company strategies and promotional activity. Finally, Mintel’s exclusive consumer research covers the market in detail. This includes looking at the rates of ownership of small business bank accounts, the services that small business owners use and how satisfied they are with their current bank. The report also examines the length of business owners’ relationships with their banks and their switching intentions, what other products they have, and experience of borrowing and how confident business owners are of obtaining credit now. Finally, the report looks at consumers’ attitudes towards business banking, and towards borrowing.
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