Google Cloud is joining with a small British bank to develop a new type of platform that mixes the personal relationships of traditional banking with the technology and infrastructure of new digital banks.
Cynergy Bank says that its partnership with Google Cloud and information technology services provider Wipro will allow it to become a “digital relationship bank.”
The banking platform that Cynergy says will be “a seamless blend of a face-to-face relationship that is enabled by the latest digital technology” is set to launch in February or March 2021, and is targeted at fast-growing small- and medium-size businesses.
The bank said that it will fill a gap between digital banks, like Monzo, which are focused on app-based delivery, and large retail banks that use what Cynergy calls a “one size fits all approach” to small and medium-size commercial clients.
Cynergy will rely on the platform from Google Cloud to allow clients to do much of their banking online, including speaking with bank representatives, while still keeping the option for in-person and over the phone meetings with advisers.
Other goals of the new platform include scaling fast and efficient lending decisions, and developing a new range of digital lending and savings products.
Google Cloud said that “the exciting part” of the partnership is that the novel banking model will mix elements of traditional banking with the infrastructure of a digital bank.
Last week, Alphabet said that it would allow customers to apply for digital bank accounts through the Google Pay wallet.