14 million Brits are self-employed or own a business with less than 5 employees.
Many of these professionals are hiding in consumer banking accounts.
58% use consumer banking accounts exclusively for their business transactions
32% use consumer banking accounts exclusively for their business transactions
There’s a significant number of high-earning enterprises in consumer banking that could be migrated to business products and/or accounts.
9% are making £75,000+
3% are making more than £100,000
The cross-sell opportunity is lucrative
Based on account fees alone, banks could drive millions in top-line revenue growth.
Header image created using Creative Common assets from Pablo Stanley.