The UK based Cynergy Bank has partnered with Google Cloud and Wipro to offer a unique platform that blends personal relationships of traditional banking with neo banking technology. In a press statement, Cynergy Bank noted that the partnership aims at delivering a digital relationship bank.
Cynergy notes that the banking platform will go live within the first quarter of 2021, and it targets fast-growing small and medium-sized businesses. However, the parties involved in the deal have not disclosed the partnership’s value.
The new platform seeks to feature a personal relationship experience but with the infrastructure and software of a fully digital bank. The bank will also offer savings and lending services like the traditional banking system.
Cynergy Bank CEO Nick Fahy commented on the importance of blending traditional banking and neobanks. According to Fahy:
“Many customers’ needs continue to fall between two stools. The neobanks focus their efforts on app-based delivery and large banks, in their rush to digitise, have failed to recognise that businesses are looking for human relationship management from their bank as well as the latest digital technologies.”
New platform to retain traditional banking services
Furthermore, Cynergy will use the Google Cloud platform to help clients to do more of their banking online. It targets services like speaking with bank representatives, while still keeping the option for in-person and over the phone meetings.
The partnership with Cynergy adds to the growing application of the Google Cloud platform into the financial sector. Google Cloud’s technology is being used by entities like Goldman Sachs, HSBC HSBC, PayPal, and Monzo.
Cynergy bank launched in 2018 with a focus on serving the SME sector.