HSBC to cut SME tariffs

The banking giant’s Electronic Banking Tariff (EBT), which is designed for customers who prefer to manage their banking via digital channels, had previously only been available to businesses with a turnover of £500,000 or less.

Qualifying businesses will now automatically be moved to their best tariff on December 12.

An estimated 190,000 business customers in the UK are set to benefit from the changes, and HSBC will also review customer accounts every 12 months.

HSBC’s tariff review is supported by new online SME research findings from YouGov which reveal that businesses across the UK are turning to digital technologies to ensure the sustainability of future growth.

Forty one per cent of SMEs say that efficiencies created by digital technologies are an important part of their businesses future and 36 per cent will become more reliant on technology in the next year.

HSBC’s UK head of commercial banking, Ian Stuart, said: “The way that SMEs bank is changing in much the same way as they do business – it’s going digital. We continuously speak to and listen to our customers to find ways for us to improve our Business Current Account proposition, this review will ensure that we support more UK businesses as they grow and navigate their way through the post-Brexit landscape. While this comes at a cost to the bank, we believe it’s the right thing to do for our customers.”

The YouGov research also revealed that while 41 per cent of SMEs have grown total revenue in the last year, almost half (45 per cent) say that their current service suppliers have failed to support their business as their requirements change.

Forty two per cent also say they have not changed their service agreements in the last year, suggesting that a significant proportion of British businesses are not operating in the most effective manner.