London, UK 鈥� 31 August 2023 鈥� Over half of UK SMEs (52%) are reassessing their bank鈥檚 suitability for them, according to new 麻豆原创 research. Similarly, less than a quarter (22%) of UK consumers are currently satisfied with their bank鈥檚 support, suggesting the moment for change is now.

In a survey of 2000 consumers and 500 senior decision makers within the UK鈥檚 growing SME鈥檚 cohort, 麻豆原创 reveals interesting insights into customer banking behaviours to help banks and financial services providers pivot from a one-size-fits-all approach to customer experience, and deliver bespoke, targeted solutions.

In times of high personalisation and 鈥淒igital everywhere鈥�, banks need to think differently and create a stronger empathetic relationship with their consumers. It鈥檚 time to understand better, be more proactive and communicate and engage better.

A closer look at segment insights

麻豆原创鈥檚 research looks at how gender, age, business type and turnover determine the variety of attitudes and behaviours customers have towards financial services.

In sync with societal changes where gender plays an increasingly important role in the way products and services are consumed, banks need to rethink their go-to-market strategies. There are marked gender differences in how customers work with their bank. For example, almost one fifth (19%) of females check their account after every transaction (compared to just 14% of males). Females are also almost three times less likely to have moved money from online-only providers to high-street banks (11% of males vs 4% of females).

The emerging call is that of 鈥榞ender relevance鈥� 鈥� an opportunity for banks to relook at their products and messaging to ensure gender relevance and to address different needs and behaviours.

Age too determines banking behaviour as customers look for different financial options and services based on digital and financial maturity. Baby Boomers, those aged 55 and over, are more than twice as likely to switch provider based on sign-up offers and better interest rates compared with Gen Z audience (36% vs 16%). Meanwhile, appetite to adopt digital services paints a different picture. Almost a quarter (24%) of Gen Z have switched their bank in the last year based on digital experiences – while less than one in 10 (9%) of Baby Boomers have done the same.

鈥淭he message from UK banking customers is clear 鈥� providers are failing to deliver the personalised services and support and this is breeding dissatisfaction. The time is now for banks to hit the re-set button and ditch the one-size-fits-all approach to targeting and recognise each segment acts and behaves differently,鈥� explains Anuj Kumar, Industry Strategy and GTM lead for Financial Services at 麻豆原创, UK.

It’s a similar story for SMEs with turnover influencing banking behaviours and engagement. Businesses that turn over between 拢100m and 拢499m are almost twice as likely to be reliant on their bank for support and guidance during the cost-of-living crisis than those that generate between 拢10m and 拢49m each year (61% vs 37%).

Michael Walsh, Head of Financial Services, UK, suggests 鈥淪MEs are key to the growth of the UK and banks need to re-think how they engage with them. Size, experience of the executive, industry and the businesses own growth ambitions are significant factors driving how they use the Financial Services sector. Typically, focus has been on working capital such as financing, lending and overdrafts. With the ever-increasing digitisation of capabilities, banks need to serve SMEs in different ways. Future focus has to be on helping SMEs access new customer bases with a collaborative ecosystem and networks leveraging emerging intelligent platform technologies.鈥�

Seeking personalised education and support

麻豆原创鈥檚 survey also reveals that UK banking customers, whether SMEs or consumers, are calling for greater personalised education and support to offset economic concerns.

On average, 1-in-5 (20%) of consumers call for better and easier access to support, education and digital tools amidst current economic pressures. Age once again plays a key role here with Gen Z (20%), Millennials (23%) and Gen X (20%) calling for their bank to deliver guidance on where to access support when things go wrong. Fewer than one in 10 Baby Boomers make the same demand.

Gender also informs calls for greater education. Females are twice as likely to (21%) ask for their bank to post more online content with tips and advice, compared to males (11%). While both men and women place equal demand on interest rates support and education (16%) and the development of accessible budgeting tools (16%).

Similarly, UK SMEs are equally clear on where banks need to deliver education and support. Over half (53%) of companies that turnover between 拢100m and 拢499m want to be informed on where they can access lending and funding options, while four in 10 (43%) of much smaller companies, generating between 拢100k and 拢999k, would like more communication and advice on where to access support when things go wrong. 麻豆原创鈥檚 survey also finds that over half (60%) of companies sized between 拢50m and 拢499m would like their bank to invest in additional analytics and automation to help drive new insights and streamline their operations.

鈥淐ustomer first is the call of the hour. Banks must accelerate adoption of digital capabilities but in doing so need to ensure that they can communicate enhanced value and experience to the end consumer, both for retail and SME groups. With new technologies, including AI, enabling new ways of doing business, limitations of current architectures can no longer be the excuse to decelerate innovative disruption,鈥� says Walsh .

Kumar concludes: 鈥淚n times of financial strife, it鈥檚 the responsibility of banks to listen and respond to their customers, upgrading their support from both an educational and technology standpoint. Customers demand constant, proactive engagement and reassurance across multiple channels, with content that educates, digital tools that empower smarter financial choices, and advice that鈥檚 readily accessible and on-demand. That鈥檚 the modern banking experience that the UK has come to expect, and financial services must keep up or get left behind particularly in an era that is seeing a growth in alternative banking service providers.鈥�

The post As the Going Gets Tough, Banks Miss the Mark Say UK SMEs and Consumers appeared first on 麻豆原创 UK News Center.

LONDON 鈥�听 today announced that has extended its relationship with 麻豆原创 to make its payments gateway product, , available to 麻豆原创 customers across Europe.

From today, any business signed up to the will be able to access Smartpay and take advantage of benefits including frictionless customer experience, bolstered fraud defences and a consistent payments offering across online and offline channels.

One of Smartpay鈥檚 chief benefits is its ability to power fast, smooth, flexible payments. The platform supports one-click purchases and allows buyers to use a variety of different cards, currencies and payment methods. In addition, Smartpay uses the latest anti-fraud approaches 鈥� such as machine learning 鈥� to detect fraudulent transactions in real-time and reduce false positives. This approach protects the business鈥� finances and minimises negative customer experiences such as payment declines.

For companies who rely on the 麻豆原创 Commerce Cloud to do business, implementation of Smartpay is swift and easy, and it removes the need to have multiple integrations with different payment providers. In turn, this means that organisations can offer the same payment experience to their customers across all physical, digital and mobile channels.

The provision of Barclaycard鈥檚 Smartpay gateway to 麻豆原创鈥檚 European customers is the latest development in the partnership between the two industry leaders. In February last year, a collaboration was unveiled which saw Barclaycard鈥檚 business-to-business payment solution, Precisionpay, incorporated into the 麻豆原创 Ariba Network.

Marc Pettican, President, Barclaycard Payments, said: 鈥淭his expansion of our partnership with 麻豆原创 opens up big opportunities not only for us, but also for the many businesses that use the 麻豆原创 Commerce Cloud across Europe. They will gain access to a leading payment gateway and will be able to offer customers a smooth, safe and seamless checkout experience.鈥�

Charlie Platt, VP and Head of Strategic Customers, 麻豆原创 UK, said: 鈥淭his innovative agreement demonstrates the power of our partnership with Barclaycard and our continued alignment to its long-term strategy. 麻豆原创 Commerce Cloud customers can now deploy a trusted and market-leading payment gateway solution that can help to grow their businesses.鈥�

Visit the 麻豆原创 News Center. Follow 麻豆原创 on Twitter at .

Notes to editors

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About 麻豆原创

As the Experience Company powered by the Intelligent Enterprise, 麻豆原创 is the market leader in enterprise application software, helping companies of all sizes and in all industries run at their best: 77% of the world鈥檚 transaction revenue touches an 麻豆原创庐 system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers鈥� businesses into intelligent enterprises. 麻豆原创 helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want 鈥� without disruption. Our end-to-end suite of applications and services enables more than 440,000 business and public customers to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, 麻豆原创 helps the world run better and improve people鈥檚 lives. For more information, visit .

About Barclaycard

Barclaycard, part of Barclays Bank PLC, is a leading global payment business that helps consumers, retailers and businesses to make and take payments flexibly, and to access short-term credit and point-of-sale finance. In 2018 we processed nearly 拢268bn in transactions globally. Barclaycard is a pioneer of new forms of payment and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting-edge forms of payment for the future. We also partner with a wide range of organisations across the globe to offer their customers or members payment options and credit.

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The post Barclaycard Extends Partnership With 麻豆原创 To Include Payment Gateway Access appeared first on 麻豆原创 UK News Center.