Feeds

Online banking condemned by small businesses

Lloyds TSB, BoS are especially pants

  • alert
  • submit to reddit

Internet Security Threat Report 2014

The small business online offerings of Britain’s leading banks are not good enough.

Despite spending millions of pounds trying to attract business customers and convince them to complete their transactions over the internet, the leading banks are failing to produce a satisfactory service.

In a poll of 500 small businesses, conducted by online finance intermediary Xbridge, 61 per cent of customers rated their bank’s business website as either poor or very poor.

Bank of Scotland and Lloyds TSB had customers most disgruntled, with almost three-quarters unable to obtain the services they required. HSBC faired only slightly better, failing to impress two thirds of its online customers.

According to the report, Abbey is the UK’s top provider of online business banking services, managing to satisfy over half of its customers, while Barclays also figured prominently among the nation's best.

The report highlighted that banks are producing expensive and complex websites with lots of guides and information, but not serving small business owners’ most simple requirements. It stated that the banks must leave help and advice to non-bank sources and concentrate on providing simple transaction and lending facilities.

Brad Liebmann, managing director of Xbridge, said: "The results show a remarkable lack to foresight by the majority of the UK’s largest lending institutions. Banks need to be more committed to delivering an effective customer experience online.

"Employing interactive technology capable of finding the appropriate financial solutions for individual small businesses would significantly increase the banks’ revenue derived online."

Copyright © 2004, Startups.co.uk logo

Security and trust: The backbone of doing business over the internet

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Bono: Apple will sort out monetising music where the labels failed
Remastered so hard it would be difficult or impossible to master it again
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.