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Derek Corcoran, Chief Experience Officer at Avoka

Banks are at risk of losing small business customers if they can’t offer the right sort of seamless digital banking experience, a banking software expert has claimed.
Derek Corcoran, Chief Experience Officer at Avoka, a developer of software for improving banking customer journeys, said recent research by the company has shown that that two thirds of SMEs across Europe have at some point abandoned a digital banking application before completion, amounting to 3.8 million potential missed business opportunities.
“There are 5.7 million SMEs in the UK all in need of banking services, and just like the average consumer they expect a seamless digital banking experience,” he said. “Yet this isn’t being delivered.”
Corcoran said that by failing to adapt digitally, banks are at risk of losing SME customers to fellow banks and challenger start-ups, with the chasm between what small business owners need and what high street banks are offering looking set to widen.
“For instance, 83% of SME respondents said they want to be able to apply for banking products more quickly and easily, yet only 18% said they were satisfied by the overall service currently being provided by their banks,” he revealed. “Banks are taking a huge gamble on both business and reputation. According to our report, upon having a poor online banking experience, 20% of SME respondents said they would be extremely likely to communicate their experience to their peers, and worse, 10% would seriously consider switching banks.”

by Guy Matthews
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