Thrive Passes 5,000 Waitlist Members

October 7, 2020
Michael Nuciforo
Thrive has passed an incredible milestone this week – we just hit 5,000 waitlist members! We were so excited, we couldn’t wait to tell you! Building up a waitlist has been an important focus for Thrive over the last few months because it gives our team an opportunity to connect one-to-one with our customers and engage them in our product design process. Thrive waitlist members are like members of our own team – they take part in product demos, surveys and ultimately help us build the best product for their needs.

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So what does the Thrive waitlist member base look like? We’ll we thought we should share some interesting stats so you can see for yourself.

Business Stage
By far, the majority of waitlist members are already running a business – in fact 93% of them. This is interesting because it shows that even existing business owners are on the hunt for a better banking solution. In terms of tenure, 47% of businesses had been established in the last 12 months. The second most common response was 4 plus years at 26%. In terms of revenue, businesses on the waitlist expected to the earn the following this financial year:
- Less than $25,000: 31%
- $25,000 - $100,000: 29%
- $100,000 - $200,000: 11%
- $200,000 - $300,000: 8%

Business Type
The most common business structure was a limited Company. 43% of businesses had selected this structure. 40% of waitlist members are sole traders and a further 10% are partnerships. The most popular sectors were:
- Retail trade: 13%
- Arts, design and media services: 12%
- Professional, scientific and technical services: 12%
- Construction and trades: 11%
- Banking, finance and insurance services: 9%

Current Banking Services
Satisfaction with existing banking services was low. With an average score of 2.9 out of 5. Most businesses have an existing bank account with one of the big four, no surprises there. CommBank and National Bank both leading the way at 25% each. In terms of products, the results are intriguing:
- 83% have a business debit card
- 25% have a business credit card  
- 14% have a business loan
- 21% have a payment terminal
- 40% have business insurance

Business Lending
Businesses are now taking advantage of different lending options.  Of the 14% of waitlist members who had secured a loan, 31% had borrowed the money from an alternative lending provider such as Prospa or Zip. Most businesses used the loan to cover a large purchase or deal with a cashflow challenge. In regards to getting a business loan approved, it took longer than a week 69% of the time.

Accounting and Tax
Reconciling transactions was a big pain point for waitlist members.  The majority use a combination of Online Banking and Excel, or Xero to manage this admin task.  73% of businesses on the waitlist send invoices. There was a huge variety of tools used for this, with 41% nominating something other than an accounting package. For those employing, payroll was a key feature. Most businesses with payroll needs use Xero.  

We hope you enjoyed finding out a little bit more about the Thrive waitlist. We will continue to share interesting information as it comes to light.  In the meantime, make sure you sign up for Thrive and take part in one of our surveys or demos. We look forward to hearing your feedback!

Download the free Thrive 2020 SME Banking, Accounting & Financial Management Report

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