Payments provider Neo found in a recent survey that 75% of UK SMEs are considering diversifying their bank pool, with 6% already having done so. The largest bank run in history earlier this year, which was caused by the collapse of Sillicon Valley Bank, has raised awareness in businesses, including those in the motorsport industry, that there is a need to reduce risk by spreading their deposits among multiple banks. Many depositors at SVB, had their funds put at risk of potentially not being able to access them. The Bank of England is now considering proposals to update its deposit protection scheme in response to the crisis.