A new, enhanced Business Banking Insight (BBI) website has been launched, aiming to improve competition and choice in the banking sector and to provide help for UK small businesses in finding the most appropriate banking service.
Announcing the launch, the Economic Secretary to the Treasury, Simon Kirby, said that the improved website will provide small and medium-sized enterprises (SMEs) with ‘a clear and credible way to judge how their bank compares to its competitors’.
He said: ‘The new interactive BBI website will allow businesses to identify the banks that are best able to provide the support and services they need to grow.
‘Not only is it a great tool for Britain’s SMEs, it will allow Britain’s banks to see what their customers really think of their performance and allow them to target areas for improvement.’
Mike Cherry, National Chairman of the Federation of Small Businesses (FSB) welcomed the launch. He said: ‘The BBI is an invaluable resource for small businesses and provides them with ratings on financial products and services as judged by their peers. It’s independent, free to use, and regularly surveys over 20,000 SMEs across a broad range of sectors.’
The British Chambers of Commerce (BCC) also welcomed the news, with Dr Adam Marshall, Acting Director General, stating: ‘At a time of transition and change, businesses need to feel confident in their relationships with banks and other providers of finance. That makes the BBI site more important than ever, because it gives firms a unique insight into what their peers say about the performance of finance providers – helping them to take better decisions about their own finance needs.
‘The BBI will help individual businesses match up to the right finance provider, drive wider improvements in customer service to business, and stimulate more competition for business customers.’
The site can be found at: www.businessbankinginsight.co.uk