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1、The SME opportunity:Business Banking in AustraliaBusiness Banking Customer Report 2024About the report This report explores how Small to Medium Enterprises(SMEs)engage with their businesss banks.The findings offer valuable insights into the business banking behaviours and expectations of SME custome

2、rs regarding their use of various channels and services.This report aims to:Examine SME customers expectations of their banks.1Identify opportunities for competitive differentiation of banking services.2Determine triggers which may encourage customers to switch providers.3Business Banking-The Custom

3、er PerspectiveForewordA shift in focus for Australian banksProfitability has declined in Australian mortgage lending thanks to years of intense competition and margin erosion.In turn,this has led banks to revisit their growth strategies,putting more emphasis on areas where they may be able to build

4、more predictable revenue streams.Business banking has seen growing interest in the last five years,with the segment promising higher margins and resilience to market volatility.Within the business banking market,the SME segment has been somewhat under-researched,despite representing a third of GDP a

5、nd almost 98%of all Australian businesses.Currently,most Australian banks service for SMEs is little more than a rebadged retail offering,rather than a compelling,data-driven business solution.Yet competition is likely to increase rapidly to attract these customers,both from existing banks and new m

6、arket entrants.With 10,000 more SMEs set to be included under the expanded definition in the 2025 Banking Code,and with the increased opportunity to access customer data through Open Banking,now is an especially important time to understand the SME customers better and provide fit-for-purpose soluti

7、ons.A fresh perspective on business bankingEarlier in 2024,Publicis Sapient published the Customer Banking Report,looking at attitudes to banking services among more than 5,000 Australian consumers.We are now pleased to launch its follow-up,our Business Banking Pulse Report.This new research surveye

8、d over 2,000 financial decision makers at Australian SMEs,to identify their priorities and preferences,as well as the triggers that may cause them to switch banks.We believe this research offers a fresh perspective on the SME sector,and more importantly,on how banks can develop their offerings to im

9、prove market appeal.It reveals a surprisingly open field for a market leader to emerge.The findings emphasise the importance of differentiated,customer-centric,digital experiences,while also highlighting the ongoing need for personal service across all channels including physical branches.It suggest

10、s a potential tipping point in attitudes to traditional banking,where an increasing cohort of SMEs are open to new experiences,as long as they maintain the quality of service that underpins their current positive sentiments.The team at Publicis Sapient are excited to publish these insights.We look f

11、orward to engaging in productive conversations about the implications for the Australian banking industry in the coming months.Tales Sian LopesManaging Partner,Head of Financial Services Publicis Sapient,AustraliaReport contents79%of SMEs prefer digital banking,but 59%still want access to local bran

12、ches.To avoid churning unsatisfied SME customers,banks must ensure that digital channels offer at least equivalent levels of personal service as physical locations.78%of SMEs would rather be paid digitally,yet 49%oppose the elimination of cash services.Banks can address this paradox through omnichan

13、nel experiences,which meet SME needs regardless of their diverse payment preferences.40%of SME customers are only somewhat positive about their bank,with no market leaders performing better.Theres an open field for banks to differentiate their experiences and grow market share.Key findings1.Satisfac

14、tion and loyalty in an undifferentiated market2.Can digital channels replicate personal service?3.Cash attitudes and flexible payment experiences 4.Putting this research into action 5.Methodology and research demographicsSatisfaction and loyalty in an undifferentiated marketPart 1.Satisfaction and l

15、oyalty in an undifferentiated marketCustomer satisfaction levels in SME banking are good,but with very little differentiation between providers.55%of respondents are very positive about their bank,citing trust,reliability and customer service as the major factors for this sentiment.After this large

16、group of advocates though,a further 40%of SMEs describe themselves as only somewhat positive about their bank.This group are satisfied,but lukewarm in their praise.40%of respondents are only somewhat positive.55%of respondents are very positive about their bank.37%48%44%45%28%36%38%0%20%40%60%80%100

17、%Bank 1Bank 2Bank 3Bank 4Bank 5Bank 6Bank 7Q.Overall,what is your opinion of your main business bank?Very positiveSomewhat positiveSomewhat negativeVery negativeWhile the lack of outright detractors is a good outcome,banks should reflect on the uniformity of responses across the industry.Every bank

18、has a large vanguard of happy customers,a second cohort of somewhat satisfied fence sitters,and a small trailing group of detractors,in almost identical proportion.This means that,although 95%of SME customers are nominally satisfied,it is not necessarily due to the quality of any individual banks pr

19、oducts and services.It shows that average maturity levels across the board are good,but also that there is a sense of inertia in the industry.Most banks offer indistinguishable services and customers see little difference or reason to switch.Indeed,41%of survey respondents said they have perceived n

20、o improvements in their relationship with their bank since the Royal Commission,rising to 75%among sole traders.As a market segment that most banks are targetting for growth,this apathy should be a concern.(Note:Banks included in the analysis have a statistically significant sample size(n=66)Q.If yo

21、u expressed a positive opinion about your main business bank,what are the key reasons you say this?47%43%42%39%38%37%33%29%25%17%Trust and reliabilityCustomer serviceQuality of banking servicesConvenience of banking servicesAccessibility and ease of useFees and ratesRange of products and servicesTec

22、hnology and innovationin banking solutionsRelationshipsEducational resources and supportRank order12345678910SME customers care most strongly about the trustworthiness of their business bank,and the overall quality and convenience of services.Despite the pervasiveness of digital banking today,techno

23、logy and innovation still rank low in shaping SME customers opinions of their business bank.Traditional customer experience factors are the predominant drivers of positive opinion and higher customer satisfaction.These SME responses may explain why banks are competing on customer experience,while pr

24、oducts and services remain undifferentiated due to lower emphasis on digital innovation.37%Bank was completely helpful39%Bank was helpful,I did a fair bit of running around14%Bank did the minimum I expected7%It was hard to get help from the bank/I received no help3%Had nothing to do with the bank60%

25、of SMEs found that their bank was not completely helpful following a scam event.Q.Overall,how helpful was your bank when you had the most recent cyber-attack?Australian banks are offering SMEs an adequate but undifferentiated service.This leaves banks in a precarious situation,where any perceived da

26、mage to service quality such as a cyber-attack,system outage or poor customer experience could quickly lead to customer churn.For example,60%of cyber-attack victims found their bank to be less than completely helpful in the aftermath.Banks who can build a more compelling,secure and supportive experi

27、ence have an opportunity to make themselves the primary destination for SME switchers.Can digital channels replicate personal service?Part 2.Q.What would be your preference for your business banking?88%84%80%74%8%14%18%22%4%2%2%4%Sole TradersMicro BusinessesSmall BusinessesMedium BusinessesOnly or m

28、ostly digitalMostly physicalOnly physicalThere remains a preference for mostly physical experiences among approximately 20%of SMEsDigital banking channels have proliferated in recent years,with a corresponding decision from most banks to reduce the number of physical branches in their networks.The A

29、ustralian Prudential Regulation Authority(APRA)recorded a reduction in physical branches of 37%between 2017 and 2023,with regional and remote areas being most affected.There has been plenty of coverage of these closures and the public response,including in our Customer Banking Report from earlier in

30、 2024.1 Digital channels are the clear preference for SMEs,with 79%preferring only or mostly digital banking.This correlates to business size,with the smallest businesses having an even greater preference for digital(88%of sole traders).Nearly half of all SMEs log onto their digital banking services

31、 at least weekly(45%).1Customer Banking Report,Publicis Sapient,2024Q.What would happen if your local branch closed?18%Switch36%Consider switching28%Stay,but unhappy17%Continue as usual1%I do not use a local branch82%are effectively at riskBanks should not take the preference for digital payments as

32、 a green light to shift exclusively to digital channels.Even among those SMEs who favour digital banking,59%still recognise the importance of physical branches for certain services.Whats more,54%of SMEs would consider switching bank if their local branch closed.A further 28%indicate that they would

33、stay,but would be unhappy about the change.SometimesRarelyNeverHelpfulNot very helpfulNot at all helpfulQ.How often do you use the chatbot provided by the bank?Q.How helpful is the chatbot?68%91%8%1%20%12%The reluctance to give up in-person banking services should be a concern for banks who dont bal

34、ance their branch closures with an adequate digital business transformation program.Customer retention in the SME segment is not based on deep loyalty,but on convenience.One of the reasons why branch closures are so emotive for Australian customers is the sense that they are losing the option of per

35、sonal service.To address this tension,banks must successfully recreate the benefits of personal service authenticity,humanity,flexibility and active listening on digital channels.For example,68%of SME customers report having sometimes used their banks chatbot service,with 91%finding it helpful.Artif

36、icial Intelligence can play a role here,helping banks to deliver convenient,accessible customer experiences across channels and at scale,while remaining cost-effective.Physical reliance poses a significant risk for banks.Cash attitudes and flexible payment experiencesPart 3.Q.About what percentage o

37、f your revenue is paid in cash?Medium BusinessesSmall Businesses33%37%29%13%34%41%35%25%41%6%37%4%20%13%5%3%6%3%6%9%Micro BusinessesSole TradersNone1-25%26-50%51-75%76-100%Retaining choice through omnichannel experiencesThe other element of traditional banking which still has a strong emotional reso

38、nance with customers including SMEs is access to physical cash.Half of SMEs(49%)receive more than a quarter of their revenue in cash.Somewhat counterintuitively,cash intake as a percentage of revenue was higher for larger businesses.This cash turnover is consistent with the services that SMEs use in

39、 physical branches too,where cash deposits and withdrawals(57%)and ATM services(38%)are the most common reasons to visit in person.More than half of SMEs(52%)also expect banks to continue offering cash services for at least another 10 years.Q.How do you prefer your customers to pay?16%Credit card15%

40、Debit card22%Cash18%Online Paymente.g.Afterpay,PayPal29%Electronic Funds Transfer(EFT)78%of SMEs expressed a preference for digital paymentsWhen it comes to eliminating cash services from bank branches,the picture becomes a bit blurrier.SMEs are almost evenly split in their attitudes,with 51%support

41、ing and 49%opposing any move to stop offering cash services.We also know that,despite a desire for cash services availability to continue,most SMEs prefer to be paid via digital channels(78%).In fact,businesses who receive a higher percentage of their revenue in cash are more likely to prefer digita

42、l payments.This inverse correlation suggests that the concept of cash especially the physical security that comes with it is still strong,although perhaps in a nostalgic rather than practical sense.The more businesses are exposed to the operational burdens of managing cash,the more likely they are t

43、o recognise it as a challenge.But while digital channels may represent the future,its still important for banks to cater to all SME preferences,giving them the choice to bank however they prefer.Cash services should be part of an omnichannel banking experience,even if actual usage continues to decli

44、ne.This would promote a channel of choice service strategy,help avoid any reputational damage to banks from prematurely removing popular services,and ultimately support customers to transition to payment methods that are more effective and efficient for everyone.Putting this research into actionPart

45、 4.Putting this research into action We conducted this research into Australian business banking to help organisations like yours get a better understanding of your SME customers behaviours and attitudes.The next step is turning these insights into actionable strategies.The insights shared in this r

46、eport are just a few of the highlights from our research.To find out more,book a workshop with one of our financial services experts,who can share a deeper cut of the findings and provide analysis on how these trends specifically relate to your bank.Well also help you to identify the actions you can

47、 take today to begin building a differentiated competitive advantage through digital banking,AI and omnichannel experience transformation.Publicis Sapient can support you to build a strategy for the future,invest ahead of the curve,develop and deliver innovative experiences,and position yourself for

48、 a competitive edge.Book a deep dive sessionTales Sian LopesHead of Financial ServicesAustralia&New Zealande:Andrew Lam-Po-TangManaging Director,Management ConsultingAustralia&New Zealande:andrew.lam-po- For more information,get in touch:Book a Deep Dive with our ExpertsMethodology and research demo

49、graphicsPart 5.Methodology and research demographicsState breakdownDistribution of respondents by state or territory36%24%16%1%8%12%2%2%Business size breakdownClassification of survey respondents based on the number of full-time employees and their turnoverAll figures in this report are rounded to t

50、he nearest digit.This rounding means some charts do not sum to exactly 100%.18%9%38%36%SmallMicroSoleMediumTurnover$320K$320K-$2.2M$2.2M-$15M20-199Small BusinessMedium Business6-19Micro BusinessSmall BusinessMedium Business2-5Micro BusinessSmall BusinessSmall BusinessSole Traders1Micro BusinessMicro

51、 BusinessFTEsOur survey collected perspectives on the Australian banking industry from small-and medium-sized enterprises(SMEs)in July 2024.The survey covered 2,013 primary financial decision-makers,with either a controlling ownership or an equal partnership stake in the company,and a management rol

52、e.All figures in this report are rounded to the nearest digit.This rounding means some charts do not sum to exactly 100%.Report contributors:Tales Sian Lopes,Andrew Lam-Po-Tang,Jessica Lynch,William Connelly,Vincent Natalizio,Dan Hews and Florence Tan.Industry splitMethodology and research demograph

53、ics1 Building/renovations,construction,carpentry,roofing,flooring,painting,plumbing,electrical,HVAC,window/door installations,appliance installation/repairs,general handyman services.Retail/E-CommerceSkilled Trades1Food/Drink/Dining/HospitalityBusiness/Professional ServicesFinancialWholesale and Ret

54、ail /DistributionMedia/Entertainment/EventsHealthcare/Biotech /Pharma ManufacturingTechnology/Software SystemsOtherBeauty and WellnessStorage and TransportationReal EstateAutomotiveServices LegalNon-profitReligiousInstitutions Publicis Sapient 2024Book a deep dive sessionTales Sian LopesHead of Financial ServicesAustralia&New Zealande:Andrew Lam-Po-TangManaging Director,Management ConsultingAustralia&New Zealande:andrew.lam-po- For more information,get in touch:Book a Deep Dive with our Experts