Amaiz’s study reveals two-thirds of UK SMBs have changed to survive the pandemic era

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UK-based small business banking app, Amaiz’s new study has shown that UK SMBs have increased their agility for surviving amidst the COVID-19 pandemic. Around two-thirds of the SMBs have reported that they have changed how they do business, while 34% said that they would not have survived without making a change.

Steve Taklalsingh, Managing Director UK Business Banking at Amaiz, commented, “Small businesses are unrecognised heroes of the pandemic. These are hardworking people, wholly reliant on their own resources who, when faced with an unprecedented challenge, didn’t give up, they worked hard and used all their ingenuity to survive. As a result of their efforts, there are millions of people across the UK who still have jobs to go to.”

A recent study by ONS has shown that the UK economy is in a recession following the second quarter of contraction. The economy, however, is showing signs of a bounce back with a rise of 8.7% in GDP in June. Amaiz believes that the rise was primarily brought about by the small business owners in the UK.

Steve concluded, “If it wasn’t for the brilliance of small business owners, like Kate, we would now be in deeper recession; we would not have seen the bounce back in June. I, for one, would like to thank them. Many local communities have also recognised this. I hope larger corporations and the government will do the same.”

Amaiz is an e-money institution that is authorized and regulated by the Financial Conduct Authority and is a registered agent of PrePay Technologies Limited. It aims to provide quick and secure banking, payment and receipt management in one banking app and combines the features of accountancy software with online banking so that all can be automated and carried out ‘on the go’. The company recently launched its banking app for helping SMBs combine banking with bookkeeping.