According to research conducted by Encompass Corporation, a tech firm, it has emerged that a large percentage of organizations have encountered bad customer support from their bank company.
In a survey of 200 businessmen in large and medium-sized businesses, 42 per cent had to wait over two weeks for a corporate loan offer, and 46 per cent had seen "major delays" in their banks' processes since lock-down began.
Among the respondents:
- 49% said that they have yet to receive offers of financial support due to the Covid-19 crisis
- 40% were dissatisfied with the low quality of the Bank's digital services
Although business transactions changed significantly during the Covid-19 pandemic, it is not surprising that many businesses need their banking provider for various types of support and services. Digital banking may have solutions because many of them are not satisfied with the digital services that their current Bank offers.
Challenger banks: A banking choice for companies that wish to move to?
But fast-paced challenging banks are not safe from the pandemic, with Finbold research showing that the challenging bank downloads at the end of March felled 23.38% compared to the previous month.
In fact, many banks are being forced to run a skeleton crew of remote workers, and a number are still operating outdated legacy IT systems, which are unable to cope with the influx in demand for banking services Wayne Johnson, CEO of Encompass Corporation
We have already written about how the crisis has changed the behaviour of consumers and their habits, and now it is time for businesses to adapt to the current realities.