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Sorry, FinTechs – SMEs Like Big Banks Better

Sorry, FinTechs – SMEs Like Big Banks Better

New data from the Federal Reserve shows small businesses aren’t taking to FinTechs as much as they’d hoped. Reports Thursday (April 13) said the Federal Reserve Bank of New York released a survey that found small traditional banks scored an 80 percent satisfaction rate with SMEs, followed by credit unions and big banks, scoring 78 percent and 61 percent satisfaction rates, respectively. Coming in last were online alternative lenders, which scored a satisfaction rate of just 46 percent. The survey reached out to small and medium-sized businesses that had successfully obtained a loan, according to reports.

Fintech