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Invoice Finance customer experience survey 

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In our recent customer experience survey, SME decision makers provided an insight into working with Paragon’s Invoice Finance team. We were delighted with the positive response, a key highlight being that out of all those who had refinanced from another provider, all were confident that they had made the right decision.

Out of all responses, 71% of SMEs felt that the service and support offered by Paragon’s Invoice Finance team was “much better” than previously experienced. This is reflective of our commitment to continue supporting both current and new-to-bank clients, particularly during the recent difficult times.

General sentiment is positive, with SMEs perceiving the Invoice Finance team as professional, efficient and personable and the overall satisfaction with the service received is exceptionally high, scored at over four out of five.

Regarding customer satisfaction, 96% of customers surveyed are either ‘satisfied’ or ‘very satisfied’ with the level of support received from their dedicated Account Manager, leading to strong intentions to remain with Paragon. The majority stating that they are unlikely to look for another provider within the next six to twelve months.

Perception of Paragon among intermediaries was also high, with 64% of new clients being introduced through this channel. Moreover, a Net Promoter Score of over 80 indicates a very strong willingness to recommend Paragon to other businesses looking for an invoice finance provider.

As a result of the survey, we have identified areas where improvements can be made and have moved swiftly to launch auto-drawdown of funds. Additionally, we are adjusting procedures so that processing of cash is completed as early in the day as possible.

You can read more, here

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*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551