Here at Handle we want to create the cutting edge banking technology that small business owners deserve and desperately need.
As you may already know, we are one of just 20 businesses selected to take advantage of early access to the revolutionary open banking API's to create those solutions.
We turned to you, our customers, for insight into your current business banking experience. What you love, what you hate and what you wish it did.
We got just over 100 responses to our business banking survey, with some very interesting outcomes.
Here's what you told us...
When do small business owners access their bank account?
Almost two-thirds of small businesses check their bank account daily, almost half once a day but 14% of small business owners are checking their bank multiple times a day. Cash flow is the pulse of every business and the one thing most likely to keep a business owner awake at night, so this is not a huge surprise.
How do small business owners access their bank account?
When it comes to how small business owners access their business bank account, the vast majority (90%) use the website on their desktop device. With 25% using a mobile app alone or in conjunction with desktop.
Checking a bank account becomes part of daily admin for small business owners and the most comfortable place to do this, is on their computer. But for those small business owners that are constantly on the move having an easy to access mobile app can give piece of mind and access any-time.
Current bank account performance
On the whole small business owners are happy with their current bank accounts performance. We asked respondents to rate the following from awful to excellent.
- Their banks log in process
- The information shown on the first page after log in
- The time it takes to get to the information they want to use/look at
- The presentation of information
- The ease of use
- The availability of the website or app
- The alerts and notifications
Overall the best performing area for small businesses is the current login processes and the availability of the website or app. 19% of respondents said that these elements of their current bank account were excellent. This still means that 81% of small business owners don't think login and availability is excellent and given the number of times small business owners check their bank this still feels like an area that could be improved.
The weakest performing factor for small business bank accounts falls to the alerts and notifications. 18% of respondents rated this as poor or awful, highlighting the need for more banks to have reactive alerts.
What else do small business owners need?
When asked what extra feature on their bank account would be the most valuable to them:
- 42% of respondents want a clearer view of cash flow with configurable alerts.
- 36% of respondents want savings offers based on their current spending.
- 22% of respondents want a view of what they spend on vital services and when they renew in one place.
Well, there you have it.
If you'd like to have your own say and take the survey yourself, you can fill it out here. It only takes 4 minutes to complete and your insight will continue to inform how we can best help small business owners maximise value from their bank.
If you have any questions about this survey you can get in touch with us at [email protected].
Want early access to the future of business banking?
As we develop cutting-edge business banking apps and tools, we need an army of business owners that want to lead a change in business banking from the front. If you want to be a part of this movement, join our BETA group to get early access to our tools and apps and help make every UK small business more successful.
To join, simply enter your email address below and we'll let you know as soon as it's ready to go.