Small to medium businesses (SMBs) are satisfied with the electronic banking products on offer from the major banks and, although their major concerns are around security, they have a high level of confidence in online banking.
BMI-TechKnowledge has released its "Business Electronic Banking in the Small to Medium Business (SMB) Sector" report, focusing on business electronic banking numbers and trends in the SMB sector.
Selvie Naicker, banking analyst and co-author of the report, says that companies in the small to medium business sector reported that their most pressing issues around business electronic banking products related to security, availability and functionality.
“The issue of security is understandable as Internet fraud, specifically phishing, is a constant threat to these businesses. However, the banks’ actions and their messaging around security has created high levels of confidence for these businesses to conduct their business banking online; a confidence level of 92% for the small to medium businesses and 94% for the corporate sector.”
As part of the study respondents were asked to rate their level of satisfaction with the electronic products by all major banks as well as the service received from the banks. All four banks performed well and were allocated with high percentage ratings from both the SME and corporate customers.
The report also highlights the fact that the Internet has become a fully integrated part of the day-to-day business for companies in the SMB sector and the corporate sector and where applicable resides within the company’s ERP system.
“The challenges that banks face, is that the both business sectors are requesting a return to a more personalised and one-to-one customer relationship," says Naicker.
"The technology and related issues are now well entrenched and stable within the company’s financial systems and simplistically, customers would like to go back to the basics of ‘lean and mean’ business electronic banking systems aligned with customer support, service and interaction."