SmartBusiness, available in May 2016 to over 500,000 business customers through Barclays online banking, is the first of its kind and will bring the power of a market research department to SMEs for a low monthly cost.
It will allow business owners to compare against similar businesses in their region, and show key trends around business inflows and outflows, as well as revealing how money is paid in from cash, debit cards and cheques.
The service is being rolled out after research carried out by the bank revealed that 56% of SMEs rarely or infrequently check their business data, with 3% of respondents having never looked at it at all.
Jamie Grant, Head of Business and Corporate Banking at Barclays commented: “For small and medium sized business owners, running a business is a full time job and it can be difficult to find the time to take stock and plan for the future.
“SmartBusiness will help SMEs and aspiring entrepreneurs to both run their business by understanding their cash flow better; and to grow their business by understanding more about their customers.”