Small business dissatisfied with financial services

Almost 60 percent of small business owners are dissatisfied with their financial services provider, states the results of the Australian SME Market Industry Report, jointly undertaken by JP Morgan and Fujitsu.

Of these dissatisfied owners, all would consider switching lenders. Despite this, half of the business owners surveyed have never switched lenders because they believe that it is too hard to switch or that all lenders are the same.Fujitsu managing consultant Martin North says that the results show that financial services providers are not catering for SME needs. “Lenders must consider the sheer diversity of the SME sector for which mass marketing techniques simply do not apply. Smarter, segmented offerings are required if banks are to establish a differentiated position in the SME market.”