A research from the leading B2B software search website has found that 90% of small businesses and freelancers that are currently using traditional banks would consider switching to a digital bank
Capterra, the leading B2B software search and comparison website has revealed the results of a study analysing the banking habits of self-employed, freelancers, and small businesses in the UK .
The study has found that only 23 percent of respondents currently have their main business account with a digital bank, however the remaining 77 percent that use traditional banks would consider switching to a digital one. When looking to choose a bank, the respondents mentioned trust (68%) and recommendations (21%) as the most important decision-making factors. Therefore, people who already have a personal account with a digital bank were more willing to switch their business one as well.
When asked about the main benefits of a digital bank, most of the respondents cited ease of use, along with flexibility and cost. While some prefer face to face communication with their bank representatives, other considered the lack of need in booking an appointment and travelling to a bank as an advantage.
Although the majority (57%) of small business owners and freelancers are using a mobile app to access their business bank account, 82 percent of respondents still think that is important for a bank to have a branch. The need to visit a branch and speak to a real person was mostly desired by the respondents when looking for more advanced services, such as financial advices and business loans.
Sonia Navarrete, content analyst at Capterra comments:
“Sole traders and micro businesses are still choosing traditional banking for their primary business account. However, there is a growing trend of smaller businesses adopting digital banks as they provide a more agile way for trade businesses to do business.
The flexibility and ease of use associated with this type of banking has proved to be the most significant advantage for the fast pacing industries and busy sole-traders.”
The post Capterra unveils results of its Digital Banks study, uncovering potential increase in their adoption by small businesses appeared first on The Fintech Times.
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