The Co-operative Bank says it has achieved its customer growth targets, following a £15m investment from the Capability and Innovation Fund, two years ago.
In total, the bank has invested £33m in an SME mobile banking app and the launch of new services for SME customers.
“Two years ago we set about transforming our SME Banking Business with ambitious targets for customer growth and committed to a significant investment in our digital capabilities. We’re seeing the successes of that programme as the number of accounts we opened during 2020 was 62% higher when compared with accounts opened in 2019,” explained Catherine Douglas, Director of SME Banking.
“Our longstanding customers are telling us that the addition of a mobile banking app and improved digital banking experience are really making a difference to how they bank with us day to day.”
It said that key to the delivery of the technological improvements were its collaboration with 8 fintechs and specialist partners that have helped build its new digital infrastrcuture.
The relationship it has with Manchester-based fintech, BankiFI, has been described as “especially valuable.”
BankiFi delivered 2 projects, including the SME mobile app and a new innovative app based payment solution, so that SMEs can manage invoices and receive payments.
“As entrepreneurs we lived and experienced how (too) much time is spent on admin tasks, invoicing, chasing payments while still not having an accurate overview of where the business stands,” added Mark Hartley, Founder and CEO of BankiFi.
“This new Co-operative Bank SME mobile app offers convenience and overview in one single place. We were enthusiastic to work with The Co-operative Bank because of its DNA which is rooted in society and supporting SMEs which are the backbone of UK industry, they are the best launching partner we could have wished for, and as we add functionality, the Bank’s business customers will benefit too.”