Why SMEs want a better relationship with their bank

 

Small and medium enterprises (SMEs) make up 99.9 per cent of all private sector businesses in the UK. They’re a vital part of our economy, driving growth and creating jobs for millions of people. Yet many SMEs feel underserved by their banks.

 

The right bank can play a vital role in the success of SMEs by not just providing financial support and tailored service, but also being a trusted partner who understands their business, challenges and goals. But according to the FinTech Times, 73 per cent of SMEs struggle to secure even a meeting with their bank.

 

With lots of business owners under pressure to find a bank that provides a personalised service, what are the key needs of SMEs from their banks?

 

Accessibility

 

Business owners are always on the go and in turn need accessible financial services, both in person and online. Whether this be a store in their local community, an experienced and supportive relationship manager, or online banking that delivers exactly what businesses need.

 

Trust and transparency

 

Clear, transparent communication is essential – especially for business owners. Terms outlined upfront eliminate surprises down the line and empower business owners to make informed decisions with confidence.

 

Flexibility

 

Business owners often juggle multiple aspects of their life, so banking should adapt to their unique needs. Flexible, tailored banking solutions empower entrepreneurs to focus on growth, not paperwork.

 

The role of relationship banking

 

Firstly, what is relationship banking? It’s an approach to banking that focuses on building long-term relationships by offering a range of personalised services and products to customers, all in one place.

 

Today, choosing the right banking partner is key. It’s about selecting a bank that understands your goals and empowers your growth at every step of the journey. At Metro Bank, we believe banking should be more than just a transaction ­­– it’s about building relationships that last.

 

Whether you’re growing your business or just starting out, you have access to our experienced Local Business Managers and Relationship Managers, who take the time to understand your business and its needs, whatever the industry. We understand the importance of supporting businesses in the local community and the challenges they can face.

 

Making a difference

 

Our commitment to supporting women entrepreneurs goes beyond help and support. As a signatory to the Investing in Women Code, it’s a promise to grow the female business community and make it easier for female entrepreneurs to access resources and funding.

 

We’re committed to providing more than just financial services. Through our partnership with the England and Wales Cricket Board (ECB), we’re aiming to triple the number of girls’ cricket teams by creating supportive and inclusive spaces to attract and keep more girls in the sport. Yet it’s about more than cricket – it’s about life skills, teamwork, leadership and resilience. Research by EY highlights that 74 per cent of female entrepreneurs who used to be sportspeople said how a background in sport can help accelerate a woman’s career.

 

Banking can feel impersonal, but it doesn’t have to. We believe that building trust and personal connection is important. If you’ve been looking for relationship banking, Metro Bank might be the answer.

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For more information, including our products and services, how to switch, and ways to bank with us, please visit our website.

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