Banks beware! The Federation of Small Businesses (FSB) and the British Chambers of Commerce (BCC) have announced that independent research into the UK business banking sector is currently in progress and results are due to be made available to the public in May.
The Business Banking Insight programme (BBI), first announced in November, is to ask a throng of Britain’s micro, small and medium-sized businesses to share their experiences and provide insight into the best banking services across the UK.
The results of the study – the first of its kind to assess the whole UK banking sector – are sure to make for an interesting read as they reveal the performance of individual banks. A fresh set of results will be reported every six months.
“The results of the BBI research project will help micro, small and medium businesses to identify the banks that are best able to provide support and services for their needs, as assessed by their business peers,” said David Perry, associate director at ICM, the research firm conducting the study for the BBI.
John Allan, FSB national chairman, added: “This independent study is essential to ensure that the UK’s micro, small and medium businesses are better informed about the services offered to them by banking institutions. Access to finance is absolutely critical to our members and we believe there is a clear need for improved banking services and increased trust between businesses and banks.”
Whilst many firms across the country continue to find it increasingly difficult to access the finance required to run their businesses effectively, results of the BBI programme may hopefully make some banks reconsider their approach to enterprise. Or not.