Google Cloud News : Google Cloud makes a deal with Cynergy Bank

Google cloud news

Google Cloud news : Google Cloud makes a deal with Cynergy Bank

Google Cloud signs a deal with Cynergy Bank as it will develop a new type of platform that blends the personal relationships of traditional banking services with the new digital banking infrastructure and technology.

The investment value has not been announced, but CEO Nick Fahy said that this investment is estimated at tens of millions of pounds.

Cynergy has expressed the importance of its partnership with Google Cloud and IT service provider Wipro, and Cynergy has made clear that this partnership will allow the bank to become a digital relationship bank.

The launch date of the platform

This digital platform is scheduled to be launched in February or March of next year 2021, and Cynergy explained that this platform will be a mixture of seamless face-to-face relationships that will be activated by the latest digital technologies, and this digital platform will target small and medium-sized companies and fast-growing companies.

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What will the digital platform offer?

Cynergy Bank talked about the platform and its importance, explaining that it will bridge the gap between digital banks – which focus on application-based delivery – and large retail banks – which focus on a one-size-fits-all approach – for small and medium-sized business customers.

There will be accreditation from Cynergy Bank on the platform from the Google cloud, allowing customers to conduct a lot of banking services via the Internet, such as: talking with bank representatives, or conducting personal meetings online or over the phone with advisors.

Fahey also explained that in the current traditional system, relationship managers currently spend approximately 30% of their time dealing with clients, while they spend 70% on internal transactions. Fahey hopes that this digital platform reflects these ratios and will allow bankers to spend more time facing customers.

Advantages of the digital banking platform

Google Cloud talked about this digital platform and the most important thing about it is that it will be a new banking model that combines banking services, its traditional elements, and the infrastructure of a digital bank. The Head of Financial Services at Google’s Cloud Platform in the United Kingdom and Ireland explained that this platform is an ideal option especially for small and medium-sized businesses seeking rapid growth.

Google Cloud will also allow users to obtain digital bank accounts through its mobile wallet

Due to this development, Fahey expects that Cynergy’s customer base will expand from 80,000 to 300,000 and 500,000 within the next three years.

Source: MarketWatch