Business Banking Insight (BBI) is a first of its kind website which looks at how well the UK’s small and medium-sized businesses are being served by banks.
BBI is designed to help businesses make better informed banking decisions. The programme is driven by ongoing support from the British Chambers of Commerce (BCC) and the Federation of Small Businesses (FSB), alongside an advisory group that includes HM Treasury, British Bankers Association, Royal Bank of Scotland, Government and the Competition and Markets Authority (CMA).
BBI publicly showcases the experiences of more than 5,000 businesses and how they rate their banks, with a view to enhancing the trust and transparency between the two groups. The research was carried out by independent market research agency ICM and offers insight into satisfaction levels and how they could be improved. 74 bank brands in total are ranked, using a mixture of percentage and 5-star rating systems, and three different business sizes were interviewed; sole traders, 1-9 employees and 10-249 employees.
Customer satisfaction levels are shown overall and against the five key factors on the BBI website:
2. Tailored services
5. Keeping customers informed
Commenting on the launch of the new Business Banking Insight website in 2016, Dr Adam Marshall, Director General of the British Chambers of Commerce (BCC) said:
“At a time of transition and change, businesses need to feel confident in their relationships with banks and other providers of finance. That makes the Business Banking Insight (BBI) site more important than ever, because it gives firms a unique insight into what their peers say about the performance of finance providers – helping them to take better decisions about their own finance needs.
“The BBI will help individual businesses match up to the right finance provider, drive wider improvements in customer service to business, and stimulate more competition for business customers.”