Some challenger banks are mobilizing to draw in SMEs – and could benefit from focusing on marketing to these target segments:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Banking subscribers.
New companies. Among SMEs under five years old, the share of respondents who said their business will switch banks in the next five years swells to 46%. And these younger businesses seem less predisposed toward incumbents: Only 78% of the businesses in this category use high street banks, which, while still high, is a 10-point drop off from 88% overall.
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