41% of businesses to switch banks due to lack of COVID-19 support

According to a recent survey conducted by Censuswide, the global pandemic could end up affecting banks far more than initially expected. In their poll, the independent company surveyed 200 key figures in large and medium businesses in regards to their opinion on how banks have handled the situation. The results showed that 41% of the participants were extremely dissatisfied with the customer service that the banks they work with have provided them during the crisis, and that their companies are planning to make the switch to another bank.

No shortage of dissatisfaction on the part of business owners

Of the 200 participants, 42% revealed that their company was forced to wait for more than two weeks to secure a loan from the bank they’re currently doing business with. Furthermore, 46% of the participants singled out significant delays from the banks’ customer service from the very onset of the crisis that have delayed the companies’ operations. The expansive survey also showed that roughly the same amount of participants voiced a lack of financial support for their company during the crisis on the banks’ part, while 40% of the participants were critical of the banks’ digital quality of service. 45% of the participants also shared that the bank-related delays will translate to a significant loss of revenue.

Speaking about the banking situation throughout the crisis, Wayne Johnson, CEO of Encompass Corporation, attributed much of the delays to the banks running their operations on legacy systems that were unable to handle the load when the crisis hit.