Thoughts from our Chief Executive

6 October 2021

Autumn – a time to take stock

For many of us with children the autumn tends to feel like a new year.  It’s a time that promises new challenges, some much-needed structure and an opportunity to set goals for the ‘academic year ahead’.  This ‘new year’ also promises much for the banking industry.  As we move closer to ‘normality’ following Covid-19, it’s an opportunity for the industry to pause and take stock, reflecting on their business models and the optimum service for their customers. 

COVID-19 has given the retail banks the impetus to develop their online services, reducing costs and improving their digital reach beyond their existing customer base.

Banks, even the most branch-centric ones, have been forced to encourage the use of channels that have never been their strategic priority. It has forced most to be more inventive and truly understand the products and services customers need and how they wish to receive them. 

A recent survey by Deloitte on post-pandemic online conversion rates, found that just over half of first-time online banking users (51%) intend to use a mix of online and in-branch services once the crisis is over, and only 14% say they will switch to online banking.  This means that despite some of the obvious benefits of online banking, only a minority of first- time users have been won over to using online services exclusively. Customers still desire human contact and to build those much-needed relationships with banking managers. These relationships become even more important when dealing with non-standard, complex transactions.

For me the start of the autumn promises an opportunity to make things better for our customers.  As an industry, we need to use the learnings of the pandemic to provide customers with the highest quality services in the way they desire.  It remains clear that banking customers still value personal contact, and in addition to online banking solutions they like to interact with a human being.  

At Cynergy Bank, we understand our customers need for human relationships in banking and we aim to infuse humanity and personalisation into our digital interactions providing quality customer service for all. 


Nick Fahy

Chief Executive Officer