MORE than a third of firms in Yorkshire plan to switch banks in the next two or three years, says a survey.
The poll by Yorkshire Bank’s West Yorkshire Financial Solutions Centre, which covers Huddersfield, said that 38% of businesses were planning to switch – due to poor service and general dissatisfaction with their current banks or to take up new offers and better rates from other providers.
The survey also showed that 15% of 85 businesses in the region had switched banks in the past two years. Some 27% of them had moved to take advantage of new offers and rates while 11% blamed poor service from their previous supplier.
Andy Davison (pictured), managing partner at Yorkshire Bank’s West Yorkshire FSC in Bradford, said: “Yorkshire businesses – including those in West Yorkshire – have been incredibly loyal to their banks, but this research suggests a growing number are considering switching.
“We believe many West Yorkshire businesses will use 2011 to consider if their current bank truly fits their needs and future growth potential. If not, it will be no surprise if businesses start to switch bank in the next couple of years.”
He said: “West Yorkshire businesses will need more than just financial support to help them grow and exploit opportunities during the next 12 to 18 months.
“They will need a bank which can understand what makes them tick and the challenges they face.”
Yorkshire Bank has pledged to lend £2bn to Yorkshire businesses and mortgage applicants by autumn this year.