The adoption of digital banking is at its fastest pace yet, and the increased uptake in users has garnered many real and tangible benefits for busniesses across the UK. However, recently released data from Cynergy Bank has pointed out how our digital embrace is causing us to lose our human touch.
The data, which is derived from a February 2021 survey of 1006 small and medium sized UK businesses, found that 68% of respondents desired for more human interaction in the increasingly cyber experience of finance.
Overall, 78% agree that the digital transformation of banking must be balanced with a human element. But when this figure is broken down into demographics, the 55+ age group agreed most strongly at 81%, which was followed by 78% from the 18 to 34 age group, and 76% in the 35 to 54 age group.
In similar figures seen in the data, 58% of SMEs believe the the digital transformation of banking has resulted in cost savings for the banks, but not for the customer experience, which has suffered as a result.
When asked to rank their most desired banking service, unsurprisingly, around-the-clock access to customer service via an app that also supports human contact appeared near the top of the wish list, with 29% of SMEs citing this as a service they would require if they were to move all business banking needs to digital-only services.
Regionally, the research painted a complex picture of current attitudes across the UK, with the West Midlands, Northern Ireland, and the South East agreeing most strongly that there needed to be a correction with the digital banking revolution.
Wales were the most dissatisfied with the customer service to result from increased digital adoption, with 73% in the region claiming that the shift to digital had tainted the traditional customer experience.
To live true to their own findings, Cynergy Bank has recently signed partnership agreements Google Cloud and Wipro Limited2
The digital banking revolution has undoubtably been a force of good for many businesses. New research has revealed that Cynergy Bank has signed partnership agreements with to continue to innovate in the human digital space.
Speaking on the data, and how it translates in to refinement for the customer experience, Cynergy Bank CEO Nick Fahy comments, “As more and more banks deliver solutions digitally, businesses are having fewer and fewer opportunities to build those much-needed relationships with banking managers.
“Businesses are facing an impact as they are not benefitting from that personalised service or from the skills and knowledge these people provided to their businesses. The research clearly shows that SME’s still value human interaction when it comes to banking and that they are keen to re-establish that personal connection so they can get the tailored advice that they need at the time that they need it.
“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. At Cynergy Bank, we will continue to innovate in the human digital space with our partners to improve the customer experience, leveraging our deep customer relationships to create digital products that best serve their needs.”
Omkar Nisal, Managing Director, UK & Ireland, Wipro Limited added, “The surge in digital banking and its uptake amongst customers has accelerated the need for banks to provide a more personalised experience. Banks not only need to continuously adapt to their users’ unique behaviours and preferences, but also create and sustain meaningful relationships. Introducing a human element to interactions with ever-evolving customers will allow banks to better serve them and provide solutions leveraging cutting edge technology.”