Do you have your own private banker?
Tuesday, November 6, 2007/
Businesses with a turnover of between $1 and $5 million value personal interaction when dealing with their bank, according to the newly released East & Partners Micro Business Banking Markets Report.
Most of the 200,000 micro businesses surveyed would rather deal with someone who understands their business and industry they operate in rather than get routed through a call centre, according to East & Partners’ general manager for client services, Paul Bartholomew.
“That’s why regional banks have been quite popular over the past two or so years – really stolen the march on the big four,” Bartholomew says.
The report, based on a survey of 2059 enterprises nationwide, revealed a big growth in internet banking, and an increasing appetite for debt and growth in cash management and cash deposit products in the six months leading up to July.
Bartholomew says banks have started to offer more cash-flow finance products to small business to finance day-to day operations.
The most preferred banks are National Australia Bank, with 28% share of the transaction banking market, followed by the Commonwealth Bank of Australia at 20.8%, Westpac, ANZ and St George, followed by BankWest, the biggest of the regional banks with 6.1% market share.
Accounting software does not underpay staff — humans do Stacey Price Healthy Business Finances founder
Google has updated its search algorithm: Say hello to BERT Lucas Bikowski SEO Shark managing director
Five ways to mentally prepare for the brutal capital-raising process Stacey Fisher Minnow Designs co-owner
You are not your job: Four work-life balance tips to ease you into Christmas Jackie Rahilly Appoint co-founder
Ignoring your ‘obnoxious roommate’: What this founder learnt when she met Arianna Huffington Michelle Gallaher ShareRoot CEO