78% of SMEs call for digital transformation of banking to be balanced with a human element

7 July 2021: The digital banking revolution has undoubtably been a force of good for many businesses. New research¹ has revealed that although SME’s acknowledge the benefits of the revolution, with 68% agreeing that it has vastly improved their banking experience and the ease with which they can manage their finances, there is an overwhelming desire for a blend of digital functionality and human interaction.  Cynergy Bank has signed partnership agreements with Google Cloud and Wipro Limited², to continue to innovate in the human digital space.

78% of SMEs agree that digital transformation of banking needs to be balanced with a human element, with those in the over 55 age group agreeing most strongly at 81% compared with 78% in the 18-34 age group and 76% in the 35-54 age group.

58% of SMEs believe the digital transformation of banking has resulted in cost savings for banks but the customer experience has suffered as a result.

When asked to rank their most desired banking service, unsurprisingly, 24/7 access to customer service via an app with human contact appeared near the top of the list, with 29% of SMEs citing this as a service they would require if they were to move all business banking needs to digital only services.

The research painted a complex regional picture with the West Midlands, Northern Ireland and the South East agreeing most strongly that there needed to be a correction with the digital banking revolution. Wales was the region most dissatisfied with customer service resulting from the digital transformation with 73% in the region claiming that digital transformation has ruined the customer experience.

Nick Fahy, CEO of Cynergy Bank, commented, “As more and more banks deliver solutions digitally, businesses are having less and less opportunities to build those much-needed relationships with banking managers. Businesses are facing an impact as they are not benefitting from that personalised service or from the skills and knowledge these people provided to their businesses.  The research clearly shows that SME’s still value human interaction when it comes to banking and that they are keen to re-establish that personal connection so they can get the tailored advice that they need at the time that they need it. The Cynergy Bank human digital model will transform banking for those customers who value a seamless blend of a face-to-face relationship that is enabled by the latest digital technology. It is important for the banking industry to continue to evolve, providing customers with the highest quality services in the way they desire.  At Cynergy Bank, we will continue to innovate in the human digital space with our partners to improve the customer experience, leveraging our deep customer relationships to create digital products that best serve their needs”.

Omkar Nisal, Managing Director, UK & Ireland, Wipro Limited commented, “The surge in digital banking and its uptake amongst customers has accelerated the need for banks to provide a more personalised experience. Banks not only need to continuously adapt to their users’ unique behaviours and preferences, but also create and sustain meaningful relationships. Introducing a human element to interactions with ever-evolving customers will allow banks to better serve them and provide solutions leveraging cutting edge technology.”

Note to editors

¹ Research conducted by Cynergy Bank on the future of businesses surveying 1006 Senior Decision Makers at small and medium sized businesses in the UK between 2nd -12th February 2021

² A leading global information technology, consulting and business process services company

About Cynergy Bank

Cynergy Bank was established in 2018 by entrepreneurs to serve the needs of business owners, property entrepreneurs and family businesses. We have a strong track record supporting businesses that want to scale up and provide over £2.6bn lending to scaling businesses across the UK, we also offer retail deposits to UK savers. Our vision is to provide a truly personalised service that is delivered through face-to-face relationships and enhanced by the latest technology

At Cynergy Bank we recognise that our customers’ personal and professional lives often overlap. Our mission is to help empower them to achieve their ambitions by serving all their interdependent banking needs. We provide a range of digitally enabled products and services to meet the property finance, business and commercial banking, private banking and personal savings needs of our customers.

Cynergy Bank has signed partnership agreements with Google Cloud and Wipro Limited to continue to innovate in the human digital space.

Cynergy Bank is a UK bank, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Eligible deposits are protected up to a total of £85,000 by the UK Financial Services Compensation Scheme. Cynergy Bank was established following the acquisition of a UK based community bank in 2018. For more information on Cynergy Bank visit www.cynergybank.co.uk