Small Business Banking - UK - October 2016
“Small business owners show a reasonable level of interest in value-added services such as access to accountancy software but few are prepared to pay extra for these benefits. However, as efforts to drive up competition in the market intensify, we can expect to see more diversified offerings emerge that will be designed to suit a range of business needs.”
– Deborah Osguthorpe, Head of UK Financial Services Research
This report examines the following issues:
- Uncertainty surrounding Brexit creates opportunity for business banking providers to deepen customer relationships
- A significant proportion of small business owners rely on borrowing from friends and family
Entrepreneurship and small business ownership is deemed a vital component of the UK economy. During the recession that followed the 2008 economic crisis, policymakers introduced a number of measures to support small businesses and improve access to finance in order to encourage growth. Many of the schemes have been extended in 2016 to continue this support. The potential customer base for business banking providers continues to grow, but an influx of new challenger banks attempting to gain a share of the market poses a threat to existing incumbents.
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.
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, the length of business owners’ relationships with their banks, what other products they have, and how interested they are in new business banking services. Finally, the Report looks at small business owners’ experience of borrowing and awareness of peer-to-peer lending platforms.
What you get
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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