Thoughts from our Chief Executive

02 December 2021

Patient centred healthcare - customer centric banking

Some years ago, I came across a curious term; patient centred healthcare. It took me a while to grasp the meaning.  Surely all healthcare is – or should be – patient centred? The term seemed redundant.

I asked friends who work in the caring professions to explain, and they said the demand on healthcare sometimes causes caregivers to lose sight of the person behind the condition. The idea of patient centred healthcare – or person centred care as it’s now more commonly known – is to rebalance health services so that people are treated with dignity, compassion, and respect and that their care is co-ordinated and personalised.

I often reflect on this as I see my industry evolve. Banking has benefited enormously from the technology revolution, but I often worry that the same imbalance that beset healthcare – with too much emphasis placed on outputs and not enough on outcomes – has taken hold.

Technology has delivered fantastic efficiency gains for banks and taken friction out of many of the more straightforward tasks for customers. But these benefits come with a health warning because they are propelling the idea that banking is transactional and binary.

It would be wrong to characterise the relationship between a customer and a bank relationship manager as equivalent to that of a patient and their doctor, but there are some parallels, and we see this in particular with business banking where risks need to be balanced with reward and choices need to be made.

For business owners and entrepreneurs, banking decisions require reflection and judgement, and the advice banks give needs to nuanced and personalised in a way that is beyond any algorithm available today.

At Cynergy Bank, we’re determined to get the balance between people and machines right. We’re building a platform with our partners Google Cloud and Wipro that blends the best that technology has to offer with the human touch of face-to-face relationship management. We call it human digital banking. I guess an alternative term might be customer centric banking, but let’s not go there!

 

Nick Fahy

Chief Executive Officer