East and West Agree to Disagree on Good Customer Service


Venture Finance survey reveals a new divide across the UK

A traditional North and South divide is expected in many walks of life. However research from Asset Based Lender Venture Finance reveals there may be another kind of split when it comes to receiving good customer service.

Venture’s survey revealed an East-West divide with Financial Directors in the West of England more likely to have been the victims of poor customer service with 71 and 75 per cent in the South and North West regions respectively. This is opposed to those in the East who seem to be getting more out their financial providers with just 38 per cent experiencing such problems.

Venture’s research – conducted amongst Financial Directors in organisations with a turnover between £10m and £120m* – also revealed that those in the £10m-£50m turnover bracket who were victims of bad customer service, were much more forgiving with over half (55 per cent) choosing not to risk changing financial provider.

This is in stark contrast to those with turnovers of between £100m-£120m with 100 per cent acting more ruthlessly by deciding a change would be in the best interest of their company.

Geographically, just 36 per cent in Scotland and Wales revealed they had been the victims of poor customer service. However, 75 per cent of those were prompted to change their financial provider, emphasising that businesses across the borders are simply not willing to accept bad service.

Kelvin Thomas, Regional Director of Venture Finance, believes all companies should demand high levels of service from their finance provider. He comments: “”This is intriguing as it is often a North and South divide that is well publicised, particularly in regards to house prices and employment levels. However, regardless of geographical status or even the turnover of a company, an FD should expect nothing less than top quality customer service.”

“If you are being serviced as one of a large portfolio of clients, as is often the case with high street banks, how well can your Client Manager know your company and help find solutions to your business needs? Your business could be in a much better position if the Client Manager had much more time to provide a more individual approach, as is often the case with the services of independent financiers.”

Venture Finance is a premier independent Invoice and Asset Based financier, providing creative funding solutions for businesses from start-up to a turnover of £200 million.

For further information on Venture Finance and Asset Based Lending please visit www.venture-finance.co.uk.

* Conducted via telephone amongst 100 respondents

Notes to editors

About Venture Finance – www.venture-finance.co.uk

Venture Finance is a premier independent Invoice and Asset Based financier, providing creative funding solutions for businesses from start-up to a turnover of £200 million.

Venture handles over £3.5 billions in client invoices per year and is twice winner of Credit Today’s Factor & Discounter of the Year award in 2005 and 2006. Core services are Factoring and Invoice Discounting, which use the value of outstanding invoices and other assets to release ongoing working capital back into a business.

Venture also has one of the widest range of services in the independent sector, so is able to help companies looking to manage cashflow, fund business opportunities, purchase new machinery, merge with or acquire a new business or expand their operations.

Venture was the first financier to offer an Online Factoring service, called Venture Factors Direct. This combines the benefits of a traditional invoice finance facility with the UK’s fastest approval process and a saving of up to 43 per cent.

Venture Finance was also the first independent financier authorised as a ‘lender’ of the Government’s Small Firms Loan Guarantee Scheme by the Department for Business, Enterprise and Regulatory Reform (BERR) and has lent over £16m to clients through the scheme.

If you found this story interesting please press the button below to bookmark using one of the many social bookmarking sites. If you would like to keep up to date with news as it happens, why not subscribe to our RSS feed at the top of the right hand column?
Bookmark and Share


Comments are closed.