The research conducted by Amicus Commercial Finance found that 52% ignored the advice of their mainstream bank, while 40% did not rate the level of service as ‘good’.
The research found that SME owners felt there was a lack of human interaction available when looking for working capital or overdraft-facility support.
The most common problems SMEs faced in dealing with a bank through a call centre was that they were time consuming (22%), frustrating (17%) and complicated (10%).
John Wilde, managing director of Amicus Commercial Finance, believed the research showed a worrying trend regarding business advice from mainstream banks.
- 61% of SME invoices unpaid within debtor period
- SME loan approvals drop 12%
- 76% of SMEs forced to write off unpaid debts
“There is a growing divide between the level of business service and the flexibility required by business owners and the advice being offered by mainstream banks.
“As working capital and cash flow are by their very nature dynamic, most traditional mainstream systems have failed to keep pace over the last few years.”
Amicus Commercial Finance is hoping to offer an alternative by providing a revolving working capital facility based on a proprietary invoice discounting platform which utilises the latest available technology and data extraction methodology.
“At Amicus Commercial Finance, we have taken a fresh, tech-driven approach that builds on some of the lessons learned in the fast-growing alternative finance sector,” John added.
“Our goal has been to combine deep sector experience with a high-touch personal service and cutting-edge technology to make the process as straightforward and efficient as possible for SMEs.”
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