Speed in decision-making, flexible terms and a bank that does not ask for anything unnecessary – these are the most important things businesses expect from a bank during the course of their cooperation. That is the conclusion of a study on business attitudes towards banks carried out by the market and public opinion research centre SKDS on behalf of Industra Bank.

Industra Bank Chairman of the Board Raivis Kakānis emphasises: “Businesspeople, both in connection with their business and as private individuals, expect a bank to be responsive and reachable throughout the working relationship. For cooperation to be truly successful, it is always important to understand what matters most to your business partner. Although Industra Bank is a bank created by businesspeople for businesspeople, we make a point of listening carefully to the needs of different industries – what is important to clients, what the biggest challenges or pain points are in dealing with banks, and how to resolve them. Our ambition is to double our loan portfolio within two years, so a deep understanding of business needs allows us to offer precisely fitting solutions – without needless complication for those who get things done: those who are developing their businesses and growing, those who want to export and win new markets.”

When asked about the criteria for choosing a bank, 94% of businesses rated fast decision-making as important. 71% highlighted more flexible lending terms than other banks offer, for example an individually tailored repayment schedule, a longer repayment period, a smaller own contribution and so on.

For 68% it was important that the bank does not ask for information it does not need. 58% rated having their own client relationship manager at the bank as an important selection criterion, while for 48% the option of meeting the bank's management in person when necessary is important.

Fast decision-making mattered more to businesses operating in manufacturing and construction, as well as to large companies with a turnover above 4.5 million euros. Exporting companies likewise noted the speed of decision-making as a very important criterion.

More flexible lending terms were noted as a very important or important criterion in companies with more than 250 employees and a turnover above 4.5 million euros. By region, companies in Kurzeme and Latgale rated these criteria as more important. By sector, flexibility matters more to manufacturing companies than to those in services, which is explained by their comparatively higher capital intensity.

On the question of excessive bureaucracy at banks, this criterion was more painful for companies with mixed local and foreign capital, as well as for comparatively small companies (turnover of 70 to 350 thousand euros) and large companies (turnover above 4.5 million euros). It mattered more in manufacturing and services, but slightly less in trade.

Having a dedicated relationship manager at the bank was mentioned as an important aspect at large companies, whereas at small companies it was only half as important. Exporting companies and companies with foreign capital also noted this criterion as significant.

Interestingly, the option of meeting the bank's management when necessary is valued as an important factor more by large companies, companies with mixed local and foreign capital and companies operating in Latvian cities other than Riga.

About the survey:

The survey was carried out by the market and public opinion research centre SKDS on behalf of Industra Bank in April and May 2025, surveying 750 Latvian companies. They were selected by multi-stage quota sampling from a company database. Survey methods: CATI (telephone interviews), CAWI (online survey).

Businesses were asked the question: “If your company had to choose a bank to use all over again, how important would it be to you that this bank offered the following things?”

About Industra Bank

Industra Bank was created by local businesspeople, with the bank's operations focused on serving small and medium-sized Latvian companies. At the end of 2024, the volume of loans issued by Industra Bank reached the 104 million euro mark, while client deposits at the bank stood at 257 million euros.

The bank has 16 thousand clients and, for their convenience, operates service centres in Riga, Daugavpils, Liepāja, Ventspils and Jelgava. It is also possible to become a client of the bank and use its services remotely, regardless of location.