Britain’s high street banks are failing the country’s exporters according to new research from Bibby Financial Services. More than a third (38%) of those surveyed said that their banks do not meet their needs. Suggesting the banking community needs to completely review its service offering.
The findings go on to show that only 5% of exporters considered their bank manager to be their primary advisor on export issues. Instead a fifth (23%) use Chambers of Commerce, 17% refer to their Business Link, and 19% to Trade Partners UK.
These findings perhaps explain why such a high percentage of respondents (43%) rely on their own funds to finance exports. A small proportion (18%) use their overdraft facilities to fund their activities. Credit insurance was used by 13% of companies to guarantee payment and Bonds and Guarantees by 8%.
