Four in 10 businesses are planning to change their banking provider due to the slow support that has been offered during the Covid-19 outbreak, according to research commissioned by RegTech outfit Encompass Corporation
The data, which was obtained via a survey of 200 business decision makers in large and medium sized companies, and conducted by independent polling company Censuswide, found that 41% of companies were looking to make a switch due to poor services during the crisis.
Forty-two percent of those surveyed admitted to waiting over two weeks for a business loan application from their current banking provider, while 46% have noticed significant delays in their bank’s onboarding process since the start of lockdown.
Almost half of business decision makers also revealed that their bank has yet to directly offer financial support during the health crisis, and 40% felt that their bank’s online digital services and support around Covid-19 has been poor.
The dealys can be particularly frustrating, with 45% of companies polled planning to make redundancies due to a lack of revenue in the coming months.
Wayne Johnson, CEO, Encompass Corporation comments: “The Covid-19 crisis has had a big impact on all sectors of British industry, especially financial services. In fact, many banks are being forced to run a skeleton crew of remote workers, and a number are still operating outdated legacy IT systems, which are unable to cope with the influx in demand for banking services."