Study finds majority of SMEs want human-digital hybrid banking approach

A study by Cynergy Bank has found up to 78% of SMEs want the digital transformation of banking to be balanced with a human constituent to offer a hybrid approach.

According to Cynergy, it surveyed 1006 representatives from SMEs in the UK between the 2nd and 12th of February this year.

Many businesses in the study acknowledged the positives of the digital banking revolution, with 68% of respondents agreeing that it had hugely improved their banking experience and the ease with which they manage their finances.

However, Cynergy found that there was also an overwhelming desire for a blend of digital functionality and human interaction. When asked what they saw as their most desired banking service, many respondents ranked 24/7 access to customer service with human contact near the top of the list.

In addition, 29% of SMEs cited human contact access as a service they would require if they were to move all business banking needs to digital-only services.

The study also found that by region, the West Midlands, Northern Ireland and the Southeast of England agreed most strongly that there needed to be a correction with the digital banking revolution.

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

“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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