Finance For Guernsey

Home Survey Results Mission Goal FAQs Who are FFG Blog Contact

Business Banking: Satisfaction levels

There was dissatisfaction across all areas of business banking with less than half of respondents satisfied with almost every element. Satisfaction was lower among companies with more employees and higher revenues.
41% satisfied with credit cards 39% satisfied with wealth managers/financial advisors 38% satisfied with deposit / savings accounts 32% satisfied with current accounts 28% satisfied with business loans 16% satisfied with commercial mortgages
62% of respondents from companies with more than 26 employees were very dissatisfied or dissatisfied compared to 37% of respondents from companies with five or less employees. 62% of respondents with a revenue of more than £1m were very dissatisfied or dissatisfied compared to 30% of respondents with a revenue of less than £1m.

Difficulties came when applying for additional finance

58% when applying for commercial mortgages 46% when applying for a business loan/credit 42% had experienced issues when opening current accounts.

What does this mean?

The results suggest that the more a business needs to use a bank, the less satisfied they are which is a potential economic threat, particularly as the States have made it clear they wish to encourage diversification. Local businesses need access to banking services in order to grow.

The problems highlighted by the research are also potentially considerable in attracting new businesses to Guernsey as if new businesses can’t open bank accounts then it will be very difficult for them to develop in Guernsey.

“if new businesses can’t open bank accounts then it will be very difficult for them to develop in Guernsey.”

Survey Results GUERNSEY CUSTOMERS

Company Registration Number: 61909
2016 Finance For Guernsey // All Rights Reserved

Built by The Potting Shed