The study, part of Kadence's KadBUS omnibus, surveyed financial decision-makers in 300 SMEs in each of the markets. While 63 per cent of Singaporean respondents cited knowledgeable bank staff as a reason why banks are better in catering to their needs than two years ago, only 33 per cent and nine per cent had similar responses in Malaysia and Thailand, respectively.
According to Kadence regional director Piers Lee, the findings suggest that the needs of SMEs are being refocused away from simply choosing banks based on credit. "SMEs are probably looking at alternative methods such as funding the business through personal assets, venture capital and foreign partners," explained Lee. "This might account for their lower discrimination of banks in terms of their credit terms, allowing product and service considerations to become more important drivers of choice."
