- 51% visit a bank branch at least once a week
- 76% use online banking at least once a week
- 30% of businesses in London visit a bank branch every day
Digital still trumps face to faceReports have shown that 51% of SMEs still visit a branch once a week. However online business banking is still used more claims Close Brothers Business Barometer. Only 12% of business owners continue to visit a bank daily, the craze of online banking did not start in the UK till 2007. However today 71% businessess are now accessing their finances via tech at least once a week. The industries which are utilising this digital development varies also. Online banking is most popular in whole food distribution and hospitality with these industries using digital access 63% of the time. David Thomson, CEO of Close Brothers Invoice and Speciality Finance, said “Many digital services have enhanced business opportunities for SMEs, making them more efficient and giving them more time to focus on their core activities”
The 2008 financial crisis shifted business owners trust in the banking industry
Brick-and-mortar banks will follow the high-street declineThe 2008 financial crisis shifted business owners trust in the banking industry, combine this with always improving tech developments and owners no longer need to solely rely on human interaction to manage their finances. The rapid decline in standing businessess is evaporating before our very eyes, in this year alone nearly 3000 shops shut on the UK high street. As the prospect of another recession looms over Brittain what many industries fear is that spending in both banks and shops could deplete completely.
Share this story