WorldFirst Report: Message from UK SMEs to High Street Banks is They Just Aren’t Cutting It

Currency transfer specialist WorldFirst has published a report that measures UK SME’s attitudes towards traditional finance. According to their research, agile Fintech firms are preferred over banks – specifically when it comes to foreign exchange.

Jonathan Quin, CEO and co-founder of World First, commented on the report which is embedded below;

“Whilst SMEs have historically had to rely on the big banks for any sort of financial service, genuine innovation and technological development from the FinTech sector has given rise to a wide range of truly compelling alternatives. This new breed of specialist providers are often better placed to serve the needs of SMEs than traditional banks, offering greater flexibility for the user, more transparent pricing and, ultimately, better value. Currency market volatility is ever present, and with the EU referendum in June and the US election later in the year, is likely to continue. Therefore, much more must be done to raise awareness of currency risks to SMEs, as well as the benefits of using FinTech specialist providers. This is particularly true for the mini-multinationals targeting business growth through international expansion. Until this awareness gap is addressed, UK SMEs – the engine of our economy – may be exposed to additional risk and cost, which could impact on them achieving their potential.”