Our Continued Investment in SMEs
15 July 2019
I wanted to take this opportunity to thank our business customers for your continued loyalty to the Bank and share with you some good news that will improve the way that you bank with us.
We recently received the great news that we have been successful in our application for £15m of funding from the Capability and Innovation Fund. This fund is intended to help challenger banks invest in products and services for small and medium-sized enterprises (SMEs) and this funding will help us to significantly improve and expand our award winning products and services for SMEs.
Helping SMEs to grow and thrive is a key priority for The Co-operative Bank, and in addition to this grant funding of £15m we are investing £17m of our own funds, and are committed to delivering significant improvements for you including:
- Modernising how you can bank with us with a significantly enhanced digital service, including a new mobile app;
- Developing new products and personalised business support services to help you thrive, including smart invoicing and integration of account software with online banking, access to business insurance and a new credit card proposition;
- Continuing to make life easier by digitising key account servicing tasks to make banking faster paced and more convenient.
We will deliver these ambitious plans over the next 3 years with our co-operative values and ethics at the heart of our decision making and our commitment to our customer-led Ethical Policy will continue to underpin our plans.
This news comes at an important time as we’ve recently relaunched our brand; for people with purpose which continues to demonstrate our co-operative heritage and commitment to local communities.
Our commitment to supporting, nurturing and growing the co-operative sector also remains important and we will continue to work in partnership with Co-operatives UK on The Hive, a support programme for co-operatives. So far, we have invested £1.3m to enable The Hive to provide vital advice, tools and support to new start-ups and existing co-operatives.
Together these significant achievements will help us to achieve our goal of becoming a sustainable, profitable Co-operative Bank and I hope that you will continue to support us on this exciting new journey.
Thank you once again for your continued loyalty and I look forward to sharing more information with you about our exciting plans soon.
Chief Executive, The Co-operative Bank.