Procurement · 26 March 2018

Small firms slam one-size-fits-all telecoms and banking services

Many small business owners believed they had been treated as regular consumers
Small UK business owners have blamed telecoms giants and the big banks for failing to help them take advantage of the digital revolution and boost growth.

In the ‘sMEs: Smallish Misunderstood Enterprises? study, from design and innovation consultancy Adaptive Lab, 95 per cent of small company owners said they now rely on technology in some way to run their business, with 53 per cent declaring technology as central to their business proposition.

However, 59 per cent slammed current offerings from service providers as one-size-fits-all? with little tailoring to their business needs.

In categories including telecoms, banking and insurance, 40 per cent of business owners saw little difference between consumer and small business services except for the initial expense.

Business owners criticised telecoms and banking providers for poor digital products and services ranging from business banking to mobile services.

Over half of respondents felt big corporate service providers treated all small firms the same and 56 per cent stated they didnt trust big corporations to understand the challenges of running a small business.

Owners said service providers paid lip service to wanting to help without genuine conviction or action.

Open banking could create a wealth of opportunities for small business owners find out what it means:

Survey respondents said they were more willing to pay for services that free up their time to focus on their business. Just over half 55 per cent stated they would definitely pay more and a further 34 per cent said they would consider it.