UK SMEs require human-digital banking blend, concludes Cynergy Bank research

UK SMEs require human-digital banking blend, concludes Cynergy Bank research

78% of small and medium-sized enterprises (SMEs) call for digital transformation of banking to be balanced with a human element, finds new research conducted by Cynergy Bank.

Surveying 1006 senior decision makers at SMEs in the UK, between 2nd and 12th February 2021, Cynergy Bank has revealed that while businesses acknowledge the benefits of the digital banking revolution – with 68% agreeing that it has vastly improved their banking experience and the ease with which they can manage their finances – there is now an overwhelming desire for a blend of digital functionality and human interaction.

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.

This research paints a complex regional picture, with the West Midlands, Northern Ireland and the Southeast agreeing most strongly that there needed to be a correction with the digital banking revolution.

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

“As more and more banks deliver solutions digitally, businesses are having less and less opportunities to build those much-needed relationships with banking managers,” says Nick Fahy, CEO of Cynergy Bank. “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.”

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