Business owners see their bank managers as ‘distant and remote’ despite the best efforts of many high street lenders to convince them otherwise, a new survey has found.
The research conducted by Close Invoice Finance shows that ‘the friendly bank manager with the personal touch’ is largely a myth, as far as small businesses are concerned.
In what must be regarded as bad news for the banks half of small firms said that they hadn’t seen their manager for more than a year. Also, in a pronouncements which will do little good to improve self-esteem of bank managers, 23% said they couldn’t remember their last meeting at the bank, while 10% said they would rather go to the dentists than catch up with their banker.
Also, businesses are becoming increasingly sceptical about the quality and impartiality of the service offered by their bank with 58% of saying that banks use ‘bully-boy tactics’ to persuade them to place all their financing with one provider rather than allowing them to shop around for the best deal.
David Thomson, chief executive of Close Invoice Finance, said: “With small businesses currently undergoing a bumpy ride due to credit crunch, it’s unsurprising if many are feeling less than warm towards their bank manager – especially if, like one in four of our sample, they fear banks may pull the plug on their funding should the economic situation fail to improve soon.”
Thomson also said that he though that many firms would like to see the return of a traditional bank manager, and are unimpressed by modern banking.
“In an era of call centres and tightening margins, they recognise that he (the bank manager) has all but vanished from modern British banking and increasingly they are finding advisers or even fellow business owners offer more objective advice on the full range of funding options.”
© Crimson Business Ltd. 2008
