63% of the SMEs in Europe prefer existing business account providers, reveals Revolut Business’ report
March 25th, 2020 – Revolut Business released the findings of its “2020 Vision: Taking a closer look at antiquated banking practices” report, based on a survey of 602 UK, French and Polish SMEs. The report revealed that SMEs are still choosing traditional financial service providers despite the emergence of new digital-first businesses.
According to the report, out of the 620 surveyed, over 50% undertake some form of international business, and further 13% expect to start doing so soon. 34% of the SMEs are paying by bank transfer, 23% by cash, 23% by credit/debit card and 19% by other means.
It also stated that 63% of the SMEs have had the same provider for more than five years. 38% of SMEs in Poland and France, and 27% in the UK, cited proximity to branches as a key factor in the selection of their current business account providers.
Revolut Business’ report also revealed that 80% of SMEs consider 24/7 access to accounts as necessary, along with other features such as security, transparency of charges and low fees. SMEs also want a business account to be friendly along with possessing the characteristic of automating regular tasks and perks.
Written by IBS Intelligence
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