Open Minded Banking: Our guide to cornering the small business market

Over 40% of UK businesses plan to switch banks because of their response during the pandemic. With customers on the move, it’s time to listen to what SMBs really want.

Customer decisions are not always logical. Some small businesses want their bank to go beyond the basics, especially during the current crisis, and offer more support around internal issues and business continuity. Others could want that ‘something extra’ but may not be able to articulate why.

Almost half (44%) of SMBs, for example, want more from their bank than just lower fees.

But there’s also a group of customers who are apathetic to what a bank can offer them, even during times of change.

Herein lies an opportunity.

Understanding these different groups isn’t about relying on traditional demographics such as company size or industry. We’ve found it’s more about a mindset.

Knowing how open-minded different SMB customers are to what their banks can offer, and the varying levels of support they’re after, can help solve the challenge of customer retention and acquisition.

Our report on Open Minded Banking helps banks identify those who are the most engaged with their banks, and tap into a group who are more indifferent, resulting in new conversations and a path towards a more secure customer base.

Our report reveals what banks can do to show their customers they can help, through support and higher-value services, ensuring they stick around beyond the pandemic.

Read our Open Minded Banking report to:

• Explore unique research and insights on SMB customer mindsets.
• Recognise the different levels of engagement among small business customers.
• Understand which services and support encourage SMBs to stick with their current bank or prompt them to switch.
• Identify ways to start conversations with new customers, and engage existing ones.

How small businesses feel about their banks isn’t just a matter of logic, it’s a mindset.

It’s time to understand how to cultivate it.

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