Pay.UK published its findings from its research into the impact of COVID-19 on SME business banking.
Overall, SMEs are more likely to say that they are satisfied (rather than dissatisfied) with their bank’s behaviour since the start of the COVID-19 pandemic. This is largely due to the hard work carried out by retail banks to meet customer needs.
PAY.UK found that the proportion of SMEs using business current accounts has increased from 69% in February to 74% in September – due to the requirement on firms to have a business account in order to receive access to the Government backed lending schemes. In addition, 15% of SMEs use mobile or online banking more often than before the pandemic.
PAY.UK will continue to work with stakeholders in the sector to understand how SME needs continue to change.