Survey on lending and current accounts for SMEs

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1 Survey on lending and current accounts for SMEs April 014 GfK 014 Survey on lending and current accounts for SMEs April 014 1

2 Table of contents 1. Management Summary. Research design 3. Research findings GfK 014 Survey on lending and current accounts for SMEs April 014

3 Management Summary GfK 014 Survey on lending and current accounts for SMEs April 014 3

4 Management Summary -1- SME Lending Almost all SMEs with a loan, have a loan at one of the three major banks in the Netherlands: Rabobank, ABN AMRO or ING. Overdraft is the most common type of lending. Half of the SMEs have loans less than 5,000 euros. Most SMEs contacted only their current bank for an offer. SMEs didn t do any orientation, because they have a good relationship with their bank, there is no need for and they are satisfied with their current bank. Preferences for different types of banks Major Dutch banks are highly preferred over minor Dutch banks and foreign banks. 47% of the SMEs who prefer a major Dutch bank over a minor Dutch bank will switch banks for a difference in interest rate lower than <%. 46% of the SMEs who prefer a major Dutch bank over a foreign bank would not switch banks for any difference in interest rates. 45% of the SMEs who prefer a minor Dutch bank over a foreign bank would not switch banks for any difference in interest rates. GfK 014 Survey on lending and current accounts for SMEs April 014 4

5 Management Summary -- Current accounts for SMEs Almost all SMEs have a current account at one of the three major banks in the Netherlands. Most SMEs have a loan at the same bank where they already had the main current account because it is convenient. SMEs find it important to have a current account and loan at the same bank, especially for a mortgage. Convenience is the most important reason to stay with the same bank for different products. The majority of the SMEs never switched banks with their main current account. SMEs never switched banks because they have no reason, cause or need to switch or they are satisfied with the current bank. Almost 6 out of 10 SMEs never switched banks because they find it easy to have all financial products at the same bank. From all the SMEs who didn t switch banks because it costs too much time and effort, the most important barrier to switch seems to be the lack of numberportability. The Net Promotor Score of the banks is -6. For 80% of the SMEs the probability of switching banks in the next year is less than 0%. Acquaintance with the switching service More than half of the SMEs have never heard of the overstapservice (switching service). Of the SMEs who say they know the switching service, only 38% actually know what it does. The majority of the SMEs who say they don t know the switching service, will not switch even when knowing what the switching service does. GfK 014 Survey on lending and current accounts for SMEs April 014 5

6 Research design GfK 014 Survey on lending and current accounts for SMEs April 014 6

7 Research design Fieldwork period : 13-6 February 014 Target group Weighting Method : small or medium-sized enterprises (SMEs) that has one or more loans with a bank : the sample is weighted to reflect the Dutch population of SMEs by sector and size : online research Response rate : 68% Sample size : the net sample consists of 509 respondents GfK 014 Survey on lending and current accounts for SMEs April 014 7

8 Research findings GfK 014 Survey on lending and current accounts for SMEs April 014 8

9 Almost all SMEs with a loan, have a loan at one of the three major banks Rabobank 46 ABN AMRO 8 ING 6 SNS Bank Triodos Bank Deutsche Bank Fortis Bank RBS Svenska Handelsbanken Andere bank % Almost all SMEs with a loan, have a loan at one of the three major banks in the Netherlands: Rabobank (46%), ABN AMRO (8%) or ING (6%). Bij welke bank(en) heeft uw bedrijf een vorm van zakelijk krediet lopen? At which bank(s) does your company have a loan? multiple answers possible Base: all SMEs (n = 509) GfK 014 Survey on lending and current accounts for SMEs April 014 9

10 The same three banks are seen as the main bank for their loan Rabobank 44 ABN AMRO 6 ING 3 SNS Bank Triodos Bank Deutsche Bank Fortis Bank RBS Svenska Handelsbanken Andere bank % Rabobank (44%), ABN AMRO (6%) and ING (3%) are also seen as the main bank for their loan. Welke bank beschouwt u voor het zakelijk krediet als de belangrijkste bank? Which bank do you see as the main bank for the loan? Base: all SMEs (n = 509) GfK 014 Survey on lending and current accounts for SMEs April

11 Overdraft is the most common type of lending Rekening courant krediet 80 Hypothecair krediet 13 Lening met onderpand 8 Lening zonder onderpand 7 Leasing / factoring 1 Andere kredietvorm 5 Weet ik niet % Overdraft is the most common type of lending (80%). Mortgages (13%) are less popular. Welke vorm van zakelijk krediet heeft uw bedrijf bij deze bank? Which type of loan do your company have at this bank? multiple answers possible Base: all SMEs (n = 509) GfK 014 Survey on lending and current accounts for SMEs April

12 Overdraft is also seen as the main lending Rekening courant krediet 7 Hypothecair krediet 10 Lening met onderpand 5 Lening zonder onderpand 5 Leasing / factoring 0 Andere kredietvorm 5 Weet ik niet % Overdraft is also seen as the main lending (7%). Mortgages (10%) are less seen as the main lending. Welke kredietvorm beschouwt u als uw belangrijkste krediet? Which type of loan do you see as the main lending? Base: all SMEs (n = 509) GfK 014 Survey on lending and current accounts for SMEs April 014 1

13 Half of the SMEs have loans of less than 5,000 euros Minder dan euro 51 Tussen de en euro euro of meer 18 Weet ik niet % Half of the SMEs (51%) have loans less than 5,000 euros. Almost one out of five SMEs (18%) have loans for more than 100,000 euros. Hoe hoog is dit krediet? (alle kredieten opgeteld) Which amount is the loan? (all loans together) Base: all SMEs (n = 509) GfK 014 Survey on lending and current accounts for SMEs April

14 Most SMEs contacted only their current bank for an offer Alleen bij de huidige bank 75 Bij de huidige bank en 1 andere bank 11 Bij de huidige bank en andere banken Bij de huidige bank en meer dan andere banken 4 Weet ik niet meer % Most SMEs only contacted their current bank for an offer (75%). 17% contacted more than one bank for a loan offer. Bij hoeveel banken heeft u een aanvraag gedaan voor een zakelijk krediet?* How many banks did your company contacted for a loan offer?* Base: all SMEs (n = 509) * This question applied to the last time the SME needed a new loan. GfK 014 Survey on lending and current accounts for SMEs April

15 SMEs didn t do any orientation: they have a good relationship, there is no need for and they are satisfied Huisbank / Ik heb een goede relatie met de huidige bank 4 Daar heb ik geen behoefte aan 3 Ik ben tevreden met de huidige bank 19 Overstappen was niet mogelijk i.v.m. contractuele verplichtingen 5 Wij krijgen toch geen krediet bij een andere bank 3 Alle financiele zaken zijn bij mijn huidige bank geregeld Veranderen van bank kost teveel tijd en/of moeite Andere reden 17 Geen antwoord gegeven % SMEs didn t do any orientation, because they have a good relationship with their bank (4%), there is no need for it (3%) or they are satisfied with their current bank (19%). * The percentages in the chart are rounded to the nearest whole number and therefore not add up to 100%. Waarom heeft uw bedrijf niet georiënteerd bij andere banken? Why didn t your company do any orientation at other banks? Base: all SMEs who didn t do any orientation at other banks (n = 99) GfK 014 Survey on lending and current accounts for SMEs April

16 Major Dutch banks are highly preferred over minor Dutch banks and foreign banks Grote Nederlandse bank Kleine Nederlandse bank Grote Nederlandse bank Buitenlandse bank* Kleine Nederlandse bank Buitenlandse bank* 0% 10% 0% 30% 40% 50% 60% 70% 80% 90% 100% << < <> > >> (gray color means no preference) Major Dutch banks are highly preferred over minor Dutch banks (43% vs 13%) and foreign banks (59% vs 4%). Comparing to foreign banks, Minor Dutch banks are preferred by 54% vs 5%. Kunt u aangeven in welke mate u een voorkeur heeft voor de verschillende typen banken? To what extent do you prefer the following types of banks? * In the questionnaire the respondent was asked to imagine that the foreign banks have an office or website in the Netherlands. Base: all SMEs (n = 509) GfK 014 Survey on lending and current accounts for SMEs April

17 47% who prefer a major Dutch bank over a minor Dutch bank will switch banks for a difference in interest rate lower than % Minder dan 1% 15 1 tot % 3 tot 3% 15 3% of meer 8 Bij geen enkel renteverschil % 47% of the SMEs who prefer a major Dutch bank over a minor Dutch bank will switch banks for a difference in interest rate lower than <%. 8% of the SMEs who prefer a major Dutch bank over a minor Dutch bank would not switch from a major to a minor Dutch bank for any difference in interest rates. Bij welk renteverschil zou u, bij het aangaan van een nieuw krediet, kiezen voor een kleine Nederlandse bank in plaats van een grote Nederlandse bank? At what difference in interest rate would you switch from a major Dutch bank to a minor Dutch bank regarding a new loan? * The percentages in the chart are rounded to the nearest whole number and therefore not add up to 100%. Base: all SMEs who prefer a major Dutch bank over a minor Dutch bank (n = 90) GfK 014 Survey on lending and current accounts for SMEs April

18 46% who prefer a major Dutch bank over a foreign bank would not switch banks for any difference in interest rates Minder dan 1% 7 1 tot % 16 tot 3% 17 3% of meer 13 Bij geen enkel renteverschil % 46% of the SMEs who prefer a major Dutch bank over a foreign bank would not switch banks for any difference in interest rates. Even at a difference of 3% or more, few SMEs will switch banks (13%). * The percentages in the chart are rounded to the nearest whole number and therefore not add up to 100%. Bij welk renteverschil zou u, bij het aangaan van een nieuw krediet, kiezen voor een buitenlandse bank in plaats van een grote Nederlandse bank? At what difference in interest rate would you switch from a major Dutch bank to a foreign bank regarding a new loan? Base: all SMEs who prefer a major Dutch bank over a foreign bank (n = 33) GfK 014 Survey on lending and current accounts for SMEs April

19 45% who prefer a minor Dutch bank over a foreign bank would not switch banks for any difference in interest rates Minder dan 1% 4 1 tot % 18 tot 3% 10 3% of meer 3 Bij geen enkel renteverschil % 45% of the SMEs who prefer a minor Dutch bank over a foreign bank would not switch banks for any difference in interest rates. At a difference of 3% or more, almost a quarter of the SMEs will switch banks (3%). Bij welk renteverschil zou u, bij het aangaan van een nieuw krediet, kiezen voor een buitenlandse bank in plaats van een kleine Nederlandse bank? At what difference in interest rate would you switch from a minor Dutch bank to a foreign bank regarding a new loan? Base: all SMEs who prefer a minor Dutch bank over a foreign bank (n = 51) GfK 014 Survey on lending and current accounts for SMEs April

20 Almost all SMEs have a current account at one of the three major banks Rabobank 50 ING 3 ABN AMRO 8 SNS Bank 3 Triodos Bank Deutsche Bank 1 Anders % Almost all SMEs have a current account at one of the three major banks in the Netherlands: Rabobank (50%), ING (3%) or ABN AMRO (8%). Bij welke bank(en) heeft uw bedrijf het betalingsverkeer geregeld? At which bank(s) does your company have a current account? Multiple answers possible Base: all SMEs (n = 509) GfK 014 Survey on lending and current accounts for SMEs April 014 0

21 The same three banks are seen as the main bank for the current account Rabobank 45 ABN AMRO 5 ING 4 SNS Bank 1 Triodos Bank 1 Deutsche Bank 1 Anders Ik heb geen belangrijkste bank % Rabobank (45%), ABN AMRO (5%) and ING (4%) are also seen as the main bank for the current account. * The percentages in the chart are rounded to the nearest whole number and therefore not add up to 100%. Welke bank beschouwt u voor het betalingsverkeer als de belangrijkste bank? Which bank do you see as the main bank for the current account? Base: all SMEs (n = 509) GfK 014 Survey on lending and current accounts for SMEs April 014 1

22 Most SMEs have a loan at the same bank where they already had the main current account because it is convenient Mijn bedrijf had al een betaalrekening bij de bank en ik vind het handig om het krediet bij dezelfde bank af te nemen 64 Mijn bedrijf had al een krediet bij de bank en ik vind het handig om de betaalrekening bij dezelfde bank af te nemen 9 De bank van mijn belangrijkste betaalrekening deed het beste aanbod voor het krediet 7 Het was verplicht een betaalrekening te openen bij het krediet 6 Het was verplicht een krediet te nemen bij het openen van de betaalrekening 1 Geen van bovenstaande opties % 64% of the SMEs already had a current account at the same bank before they applied for a loan. They found it convenient to go to the same bank. Only 6% of the SMEs indicate that it was obligatory to open a current account when applying for a loan. * The percentages in the chart are rounded to the nearest whole number and therefore not add up to 100%. Kies de stelling die het beste uw situatie beschrijft. Choose the statement that best describes your situation. Base: all SMEs who both have the main current account as the loan at the same bank (n = 446) GfK 014 Survey on lending and current accounts for SMEs April 014

23 SMEs find it important to have a current account and loan at the same bank Hypothecair krediet 6 Rekening courant krediet 56 Leasing / factoring 55 Lening zonder onderpand 51 Lening met onderpand 4 Andere kredietvorm % (zeer) belangrijk SMEs find it important to have a current account and loan at the same bank, especially for a mortgage (6%). Kunt u per kredietvorm aangeven hoe belangrijk u het vindt om het betalingsverkeer en het zakelijk krediet bij dezelfde bank af te nemen? Can you indicate for each type of loan how important it is to take a current account and loan at the same bank? Base: all SMEs (n = 509) GfK 014 Survey on lending and current accounts for SMEs April 014 3

24 Convenience is the most important reason to stay with the same bank for different products Gemakkelijk 4 Overzichtelijk 6 Eén aanspreekpunt 16 Veilig / vetrouwd 8 Andere reden 8 Weet niet / geen antwoord % Convenience is the most important reason to stay with the same bank for different products (4%). Other important reasons are surveyable (6%) and one point of contact (16%). * The percentages in the chart are rounded to the nearest whole number and therefore not add up to 100%. Waarom vindt u het belangrijk om het betalingsverkeer en het krediet bij dezelfde bank af te nemen? Why do you find it important to take a current account and loan at the same bank? Base: all SMEs who find it important to have a current account and loan at the same bank (n = 56) GfK 014 Survey on lending and current accounts for SMEs April 014 4

25 The majority of the SMEs never switched banks with their main current account Nog nooit 71 Eén keer 0 Meer dan één keer 6 Weet ik niet % The majority of the SMEs (71%) never switched banks with their main current account. 6% of the SMEs switched more than once from main current account. SMEs with employees have never switched banks less frequently (48%). Hoe vaak is uw bedrijf in het verleden gewisseld van bank voor de belangrijkste betaalrekening? How often your company switched banks with the current account? Base: all SMEs who have a main bank (n = 490) GfK 014 Survey on lending and current accounts for SMEs April 014 5

26 SMEs never switched banks because they have no reason, cause or need to switch Ik heb geen reden / aanleiding / behoefte 40 Ik ben tevreden met de huidige bank 5 Nog nooit over nagedacht/ geen idee / gemakzucht 8 Veranderen van bank kost teveel tijd en/of moeite 7 Ik voel me thuis bij de huidige bank Geen andere keuze / contractueel verplicht 3 3 Veranderen van bank levert te weinig voordeel op Deze bank biedt de beste prijs-/kwaliteitverhouding 1 Andere redenen 7 Geen antwoord % For this question the respondent was asked to indicate their own motivations for not switching bank in the past. The provided information was then coded into the above mentioned answer categories. SMEs never switched banks because they have no reason, cause or need to switch (40%) or they are satisfied with the current bank (5%). * The percentages in the chart are rounded to the nearest whole number and therefore not add up to 100%. Waarom is uw bedrijf nog nooit gewisseld van bank voor de belangrijkste betaalrekening?* What are the most important reasons your company never switched banks with the current account?* Base: all SMEs who never switched banks with the current account (n = 53) GfK 014 Survey on lending and current accounts for SMEs April 014 6

27 Almost 6 out of 10 never switched because they find it easy to have all financial products at the same bank Ik vind het handig dat alle financiële zaken bij dezelfde bank geregeld zijn Ik voel me thuis bij de huidige bank Veranderen van bank kost teveel tijd en/of moeite Veranderen van bank levert te weinig financieel voordeel op Nog nooit over nagedacht Alle banken zijn toch hetzelfde Bij het veranderen van bank kan er te veel mis gaan Ik vind het moeilijk om banken met elkaar te vergelijken De huidige bank biedt de beste prijs-/kwaliteitverhouding 3 7 Ik vertrouw andere banken niet Als ik wissel van bank loop ik korting op andere financiële producten mis 01 1 Ik wist niet dat ik kon wisselen van bank Anders % Belangrijkste reden Eén na belangrijkste reden Twee na belangrijkste reden Almost 6 out of 10 SMEs never switched banks because they find it easy to have all financial products at the same bank (59%). For 0% this is the most important reason. Other important reasons are: I feel at home with this bank (50%), switching banks costs too much time and effort (37%) and too little financial advantage (36%). * This question was asked three consecutive times and therefore not add up to 100%. Wat zijn de belangrijkste redenen waarom uw bedrijf bij de huidige bank is gebleven voor de belangrijkste betaalrekening? What are the most important reasons for staying with this bank with the current account? Base: all SMEs who never switched banks with the current account (n = 53) GfK 014 Survey on lending and current accounts for SMEs April 014 7

28 The most important barrier to switch seems to be the lack of numberportability Mijn bedrijf moet voor betalingen en bijschrijvingen anderen op de hoogte brengen van het nieuwe rekeningnummer 75 Mijn bedrijf moet de systemen van de nieuwe bank aanleren 4 Mijn bedrijf moet de financiële administratie van de huidige bank opslaan of uitprinten 34 Mijn bedrijf moet informatie opzoeken over andere banken 0 Mijn bedrijf moet wachten op een nieuwe pinpas 11 Mijn bedrijf moet een nieuwe pincode onthouden 11 Anders % From all the SMEs who didn t switch banks because it costs too much time and effort, the most important barrier to switch seems to be the lack of numberportability (75%). Waarom kost het volgens u veel tijd en/of moeite om te veranderen van bank? Why do you think switching banks will cost you too much time and effort? Base: all SMEs who didn t switch banks because it costs too much time and effort (n = 85) GfK 014 Survey on lending and current accounts for SMEs April 014 8

29 The Net Promotor Score of the banks is -6 0 Helemaal niet waarschijnlijk NPS = Zeer waarschijnlijk % The Net Promotor Score is a customer satisfaction metric and is calculated by subtracting the percentage of customers who are Detractors (score of 0 to 6) from the percentage of customers who are Promoters (score of 9 and 10. Hoe waarschijnlijk is het dat u de betaalrekening van deze bank zal aanbevelen aan een ander bedrijf? What is the likelihood that you will recommend the current account of this bank to another company? Base: all SMEs who have a main bank (n = 490) GfK 014 Survey on lending and current accounts for SMEs April 014 9

30 For 80% of the SMEs the probability of switching banks in the next year is less than 0% Ik zal niet overstappen % % % % % 1 Ik zal zeker overstappen % For 80% of the SMEs the probability of switching banks in the next year is less than 0%. For only 5% the probability of switching in the next year is more than 60%. Hoe groot is de kans dat uw bedrijf het komende jaar gaat wisselen van bank voor de belangrijkste betaalrekening? What is the probability of switching banks with your main current account in the next year? Base: all SMEs (n = 509) GfK 014 Survey on lending and current accounts for SMEs April

31 More than half of the SMEs have never heard of the overstapservice (switching service) Ja, ik weet wat de overstapservice is 6 Ja, maar ik ken alleen de naam 19 Nee, nog nooit van gehoord % More than half of the SMEs (55%) have never heard of the overstapservice (switching service). 6% says to know the switching service and 19% knows it only by name. Kent u de overstapservice? Do you know the switching service? Base: all SMEs (n = 509) GfK 014 Survey on lending and current accounts for SMEs April

32 Of those who say they know the switching service, only 38% know what it does Weet in grote lijnen hoe de Overstapservice werkt 11 Weet deels hoe de Overstapservice werkt 7 Gaat er vanuit dat de Overstapservice alles regelt 5 Weet niet hoe de Overstapservice werkt 31 Geen antwoord gegeven % Of the SMEs who say they know the switching service, only 11% actually know what it does and 7% partially. 5% thinks that the switching service takes care of everything and 31% give a wrong description of it. * The percentages in the chart are rounded to the nearest whole number and therefore not add up to 100%. Wat regelt de Overstapservice volgens u? According to you, what does the switching service do? Base: all SMEs who say they know the switching service (n = 39) GfK 014 Survey on lending and current accounts for SMEs April 014 3

33 Even when knowing what the switching service does, most of the SMEs will not switch Ik zal niet overstappen % % % % % 1 Ik zal zeker overstappen % The majority of the SMEs who say they don t know the switching service, will not switch even when knowing what the switching service does. The probabilities of switching are higher than in slide 30. * The percentages in the chart are rounded to the nearest whole number and therefore not add up to 100%. Hoe groot is de kans dat uw bedrijf het komende jaar gaat wisselen van bank voor de belangrijkste betaalrekening? What is the probability of switching banks with your main current account in the next year? Base: all SMEs who say they don t know the switching service (n = 180) GfK 014 Survey on lending and current accounts for SMEs April