“We are seeing quite a change in the banking landscape across Australia as the big banks appear to be overlooking the needs of small business.
Let’s face it, the days of knowing your local bank manager by name, and of he or she remembering yours, sadly are long gone. Unfortunately too, the effects of change within the banking system haven’t been all good, with the net result being a focus away from customer service, as the major institutions seek to boost their bottom line. Small businesses especially appear to be the casualties here, with many being pushed to the back of the queue when it comes to sourcing business finance.
At the same time certain multinational financiers have withdrawn from the Australian market making credit even harder to come by.
We’ve also noticed the constant turnover of personnel in business banking departments. At Finlease, the research we’ve seen suggests that small to medium enterprises are becoming increasingly dissatisfied with the service being provided by their bank.
Yet while many business operators don’t speak highly about their banks, there’s a general sense of apathy, and this inertia is preventing many of them from jumping ship to seek better finance alternatives as they see cost of moving outweighing the benefits.
Yet at Finlease, we can make the transition easier and look for alternative funding that gives you more options. There are loan products that allow you to increase the efficiency of your business by acquiring better technology and equipment, yet still maintain cashflow. In most cases your loan is secured against the asset itself, without needing to put up real estate as collateral.
So while banks have decreased the service they’re offering their business customers, at Finlease we looking at ways to increase our service offering.”
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