Digital investment pays off for CYBG

Digital investment pays off for CYBG

CYBG, the group which owns Clydesdale and Yorkshire Banks, has seen profits for the first half of the year increase by 15% on the same period last year.

The rise in profits have been boosted by the group’s continued investment into its digital platforms which last year saw it officially launch its new ‘B’ service.

The ‘B’ platform was designed to help existing customers switch to digital banking and also to attract new customers and was dubbed the ‘fastest account opening process in the UK’.

Digital adoption rates have continued to increase on the back of this with usage of its online banking services up 27% in the past 12 months – providing a major boost to the banks.

David Duffy, CEO of Clydesdale and Yorkshire Bank’s, said: "In the first half of this year we have maintained momentum in delivering our strategic priorities and commitments, and as a result are delivering significantly improved financial performance.

“Our half year results show improved underlying profit, good loan growth, stable margin, continued delivery of our cost programme and improved returns - all delivered in a highly competitive market and continuing low growth, low interest rate environment.

“As the only true full service challenger bank of scale across both retail and SME in the UK market, we have been able to deliver ahead of market growth in mortgages and growth in core SME banking, as well as making a strong start to our commitment to provide up to £6bn of lending to SMEs over the next three years.

“We have maintained excellent progress on the delivery of our plan to provide a truly full service omni-channel model for customers, driven by the expanding capabilities we have through our iB digital platform.

“Whether it be prototyping new technologies, opening the UK's first consumer innovation lab, Studio B, or collaborating with FinTech partners with the development of our new small business e-lending solution, we are building a bank focused on a differentiated customer experience that will put customers more in control of their money."