Why you should consider switching your business bank account
More and more businesses are switching away from large, faceless banks that can't offer the support and close relationships they need to grow. Many instead are choosing Yorkshire Bank
Britain’s small and medium-sized businesses are getting fed up with the banks that have dominated the market for so long. As they look to grow, scaling up for the future, they need a banking partner that understands their ambitions, knows their business and is ready to offer bespoke support whenever it’s needed. Too often, the biggest banks come up short.
There was a time when businesses were reluctant to change bank – but no longer. Figures from Pay UK show that almost 18,000 businesses changed business bank account provider during the second quarter of 2019 alone. That was more than double the number that switched during the same quarter of last year.
Supportive banking for ambitious businesses
These businesses are switching because they recognise how better banking support can help them realise their full potential. Even in these turbulent times, many business owners and leaders have every confidence in their enterprises’ ability to prosper and grow. They’re excited by opportunities to launch new products and services, and to expand into new markets – including new geographies overseas. But they’re also convinced they’ll stand a much better chance of success with a supportive, understanding and expert banking service.
For many of these businesses, the biggest frustration with their former account provider was their lack of relationship and personal connection with the bank. When they needed support, from resolving a simple query to accessing specialist advice, they didn’t know how to get it; and when they did speak to their bank, they often felt anonymous – poorly served by generalist teams who had little understanding of their individual business.
A specialist relationship
Certainly, all businesses need good quality products and services, including finance such as overdraft facilities and more structured solutions, as well as secure payments services. They also want to be able to access those products and services through a variety of different channels – including the latest digital tools that ensure they can bank at a time and in a place of their choosing.
However, growing businesses need more than this, particularly during the scale-up process. That’s why Yorkshire Bank employs dedicated relationship managers who get to know their business clients in-depth. With this more personal relationship in place, businesses know who to contact for help and how to do so. Their relationship manager can then introduce them to Yorkshire Bank’s wider team of sector experts, in industries ranging from hotel management to healthcare, as and when they need specialist support.
It’s this kind of service that ambitious businesses really value. They increasingly regard their banks as key partners in their growth journeys – so they need a bank that offers more than just impersonal transactional services.
To find out how Yorkshire Bank can help your business, click here