Innovate Guernsey, a business initiative focused on improving economic productivity across the island, has launched a new survey for Crown Dependency-based businesses to examine whether a lack of access to banking services on the islands are putting them at a competitive disadvantage.

The Crown Dependencies Digital Banking Survey is targeted at businesses across the Bailiwick of Guernsey, the Bailiwick of Jersey and the Isle of Man.

It asks for information such as their current business bank and payment processor, whether they have been turned down by a mainstream acquirer, their biggest wishes and pain points and whether they would switch to a challenger bank.

FinTech firms such as Revolut, Stripe and Monzo are not available in the Crown Dependencies due to the limits of their trading licences and Innovate Guernsey argues that this leaves island businesses with fewer competitive options.

Susan Watson, chair of Innovate Guernsey, told the BBC that financial services providers are missing out on a sizable market across the islands and that digital banking services have become the backbone of modern business operations.

“When that's harder here than elsewhere, it costs time and money, and it can push founders to set up somewhere else,” Watson said.

“The survey grew out of problems raised again and again by Guernsey's innovation community.”

Innovate Guernsey intends to use the results from the survey to expand their availability and to promote the expansion of the island financial market.

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