Small and mid-sized enterprises (SMEs) are a significant contributor to the Canadian economy. According to Statistics Canada, SMEs account for more than 1 million businesses across Canada, employ approximately 5.1 million employees and contribute almost 30% (i.e. approximately $593 billion) to Canada’s gross domestic product (GDP). Given their market size and impact, it’s not surprising that SMEs are a large target group for many service organizations, including Canadian banks.
To help Canadian banks understand this dynamic market segment, we conducted a survey on the banking preferences of SMEs across the country — including their perspectives on banking technology, products and services and human interaction. Our findings have now been released in this report, Banking on size.