Digitisation of traditional banks drives opportunities for finance brokers

Emerging banking technology is creating opportunities for finance brokers, according to asset finance company Copernicus.

The company said finance brokerages in the UK can offer personalised services by investing in better technology.

Record

Copernicus believes finance brokerages can make the most of the opportunities that are being created by bank closure programmes, with a report from Reuters highlighting the trend of banks closing branches in the UK.

According to the report, a record 762 bank branches are set to be closed in the UK this year, with banks turning to digitised services such as online and mobile banking. However, the Federation of Small Businesses said that whilst business customers value these digital services, members across the UK believe that the personal interaction that mobile and online banking cannot provide is still important.

Copernicus believes while finance brokerages can help fill this gap and provide the face-to-face services that SMEs and local business communities value, they also need to digitise their services in order to boost their personal services and support the needs of their customers.

Benefit

Commenting on how finance brokerages can benefit from digitisation, Copernicus Managing Director Allen Jones said: “There is a fascinating dynamic in finance right now; digitisation by traditional banks is driving the broker opportunity, but these brokers in turn can benefit by digitising parts of their operations to operate in an effective, efficient, and compliant manner.

“While these finance brokers work to meet their customers’ needs with appropriate personal service, we are determined to echo this approach to support their technology needs.”