Thoughts from our Chief Executive

16 September 2021

Providing businesses with faster access to financing

The pandemic has had a fundamental impact on the way banks are run and how they lend money to businesses and in a short space of time we have moved to essentially a cashless society. 

The whole process of banking and delivery of finance to businesses has changed – we have had to introduce digital signatures on a wider scale and our teams have gone virtual in a very short period of time.

For the most part these changes have been for the better. Our processes have had to become more efficient and real-time. To provide fast access to capital during the pandemic banks have had to adapt the onboarding process. Technology platforms can enable banks to open accounts within minutes and at Cynergy Bank we have had first-hand experience of how great these platforms can be having adopted them in 2020 to support CBILS SME lending. 

Certain changes however have not been as beneficial, and we have lost some of the human elements of our interactions.

Looking towards the banking business models post COVID, I believe that business customers will benefit from the automation of the whole value chain - while maintaining the human relationships.  The Cynergy Bank human and 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.  Customers still value human interaction, especially when dealing with more complicated transactions, so we need to ensure that the human element is not lost and is front and centre of our model.

I also believe that banks need to get better at working with partners to build ecosystems that work together. This isn’t just limited to the banking space but the digitalisation of the whole business.  For example, one of the issues with open banking is authentication.  If you have 40 FinTech’s providing services to one customer, in theory, they have to authenticate 40 times.  We need to make this process a lot smoother and have authentication across different ecosystems.  I see ecosystems as the future and banks need to focus on making the processes much simpler for customers.

I think we are in exciting times, there is a lot of opportunity and I believe we are heading into the next chapter of digitalisation for banks.

Nick Fahy

Chief Executive Officer