United Kingdom

Small-to-midsize business insights

U.K. small-to-midsize businesses (SMBs) expect banks to know and respect their preferences, to offer fair and competitive fees, and to support modern digital payments.

 
 

SMBs Want More, Better Merchant Services

Not only do you have to meet the needs with the right, simple, up to date solution to avoid your SMB customer from switching banks, but also it must be given at a competitive price.

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Digital Payments on the Rise

Some 43 percent of SMB financial transactions in the U.K. are completed digitally (online or via mobile), and 60 percent of SMBs report increasing their usage of digital transactions in the previous 12 months.

43%
Completed digitally
60%
Yoy increase in digital transactions
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SMBs Eagerness to Switch Banks can be an Opportunity or a Threat

Nearly 1 in every 4 UK SMBs plan to switch banks in the next year. The larger the business, revenues of £55M and above, the more eager to make a change. A key driver to switch? Digital Payments.

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PACE 2018 findings- UK SMB

Now in its fourth year, the annual FIS™ Performance Against Customer Expectations (PACE) findings offer a clear view into how well banking providers are meeting the needs of their customers. For 2018, and for the second year in a row, FIS specifically surveyed smallto-midsize business (SMB) customers and asked them to rank the importance of nine key attributes and then score their primary banking provider’s performance in those areas. These nine key attributes are built into FIS’ RUN-CONNECT-GROW model, which represents a bank’s level of service and the steps to reach success.

 
 
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