In fact, three quarters of young businesses had never compared the costs of their business account with other providers. Three-quarters of SMEs have never compared the cost of their business banking with other providers, according to a report from the Competition and Markets Authority (CMA). The CMA said that while it was not possible for all banks to compare costs across different types of business, there were some areas where they could do so. The CMA has called for the creation of a price comparison tool for business loans to make it easier for SMEs to compare charges, which could create an opportunity for companies such as GoCompare and MoneySupermaket who already lead the field in terms of comparison sites for consumer financial services.
Three-quarters of SMEs have never compared the cost of their business banking with other providers, according to a report from the Competition and Markets Authority (CMA). The CMA said that while it was not possible for all banks to compare costs across different types of business, there were some areas where they could do so. The CMA has called for the creation of a price comparison tool for business loans to make it easier for SMEs to compare charges, which could create an opportunity for companies such as GoCompare and MoneySupermaket who already lead the field in terms of comparison sites for consumer financial services.