Young SMEs and companies that have recently switched banks are prime UK neobank targets

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New companies. Among SMEs under five years old, the share of respondents who said their business will switch banks in the next five years swells to 46%. And these younger businesses seem less predisposed toward incumbents: Only 78% of the businesses in this category use high street banks, which, while still high, is a 10-point drop off from 88% overall.

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