• Thursday, June 30, 2022

Business

New deal to help Cynergy Bank to harness Google’s expertise in data, AI

Pradip K Dhamecha

By: Pramod Thomas

UK-based Cynergy Bank has struck a deal with Google for an undisclosed amount to develop a new digital platform using cloud technology.

The deal will help the bank to harness the search giant’s expertise in data and artificial intelligence with the traditional banking relationship managers.

The partnership aims to provide a mixed digital and personal banking service for small business owners and professionals.

Cynergy Bank, formerly the British division of Bank of Cyprus, is led by a consortium comprising Pradip Dhamecha OBE, Balbinder (Bal) Sohal, John Coulter and Ann Jones.

According to a report in The Times, the new banking services will be launched in the first quarter of 2021.

The bank hopes to boost its 80,000 customers to between 300,000 and 500,000 over the next three years.

“At the moment, a relationship manager can serve about 30 clients. Using technology, a relationship manager should be able to serve over 100 with no reduction in service,” Nick Fahy, Cynergy’s chief executive, told The Times.

With the help of Google the bank targets its relationship managers to spend 70 per cent to 80 per cent of their time with customers, using better processes and data analytics.

Google’s Cloud service is used by banks including HSBC, Lloyds, Revolut, Starling and Monzo. Its cloud service is the third biggest in the world after Amazon Web Services and Microsoft’s Azure.

Cynergy was created in 2018 when Bank of Cyprus sold its British division to a group of British retail and property entrepreneurs for £103 million, raising capital to support the main part of the bank.

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