NI Retailers 'Satisfied' With Local Banks

The majority of independent traders in Northern Ireland say they are satisfied with the services provided by local banks, according to a new report.

The Northern Ireland independent Retail Trade Association (NIIRTA) has conducted a telephone survey of 100 of its members, focussing on the ability to access finance, credit card and overdraft services, the bank branch closure programme and overall customer satisfaction.

The report found 65% of those who have applied for finance within the last three years were successful in accessing it.

But NIIRTA said banks still have some way to go, as 35% were turned down for finance.

64% of those surveyed have an overdraft, with a third unhappy due to the bank having changed the conditions of the overdraft.

62% have company credit card and only 3% said that their bank had altered the contract to the detriment of their business.

regarding recent bank closures, 76% said there has been no impact, while 24% said they have been affected.

Rural members especially expressed concern at the greater distances they now had to travel.

42% rate the service from their bank as good or excellent, 38% average and 20% below average or poor.

NIIRTA Chief Executive Glyn Roberts said: "This is the first ever survey of the views on banking services from independent retailers across Northern Ireland and shows that a majority of those surveyed are satisfied with the services they receive from local banks"

“Overall it appears...the Banking Sector is making progress in service provision. NIIRTA will continue to engage with our members, government and banks to ensure that they continue to move in the right direction.

"Banks have a key role to play in investing for recovery and need to learn from their past mistakes and look towards the future."

Alliance Finance spokesperson Judith Cochrane said banks still need to do more to provide finance to small businesses.

She said: "Small and medium sized enterprises are the lifeblood of the Northern Ireland economy. There is great enthusiasm and potential for growth in this sector. However, many have faced problems in accessing finance since the economic downturn.

"This survey shows that perhaps the tide is beginning to change for SMEs in how they are treated by banks. However, there is more that could be done to help support and grow these small businesses.

"I hope the new Assembly Group on SMEs will provide a platform for the relevant stakeholders to come together to generate practical ideas and proposals to solve the problems faced by those in this sector."

(IT/MH)