Mark Dearman

Cynergy Bank to invest in tech as it evolves new bridging product

Cynergy Bank has revealed that it is looking to incorporate a broker portal into its website, a mobile app, digital signatures and paperless applications.

Mark Dearman, head of commercial banking and bridging finance at Cynergy Bank (pictured above), said that its new bridging product has been built on solid banking foundations, but it must always keep an eye on the future.

“We believe we have a great product which we have launched to market—but it doesn’t end there.

“As we evolve the product, we also evolve the process. 

“At Cynergy Bank, we have a fantastic transformation programme which means we have and continue to invest in technology to better our customer journey and experience.”

The specialist bank entered the bridging market earlier this year.

“A key requirement for any customer is to have a quick decision and, at Cynergy Bank, we pride ourselves on aiming to provide indicative terms within 24 hours from enquiry for our long-term products.

“For bridging finance, we take that one step further. 

“We recognise that that speed is fundamental with bridging finance, that’s why we aim to provide indicative terms within hours of a customer enquiry.

“When we have received a full application, we will aim to provide full credit-backed terms within 24 hours—and this is just the start. 

“As we continue to embrace change and invest in technology, our ambition [is] to reduce these times to minutes.”

The bank can also offer a lifecycle lending proposition to its customers, with bridging customers able to refinance on to its long-term products.

“Bridging finance is absolutely complementary to these products as it provides our customers with an entry product to Cynergy Bank.

“Our Bridging to Keep product is specifically designed so that we can understand our customers’ long-term plans and make introductions to our skilled relationship managers, who can close the loop of that lifecycle lending.”

Mark added that it had great aspirations to grow its lending book over the next few years.

“We have worked with some key brokers during the build phase of the bridging finance product and I am very thankful of the insight and the positive feedback they have provided us.

“I am extremely confident that the network of introducers we have and the new brokers that we will meet over the next few months will help us deliver an outstanding service for our customers.”

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