17 April 2024

New Cynergy Bank research concludes human digital the future of SME banking

Banking & Finance
| The European |

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

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.”

Further information


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

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