Two years on from its successful £15m award of funding from the Capability and Innovation Fund, The Co-operative Bank has delivered on its commitments to launch value added services such as a preferred Business Insurance provider and a mobile banking app for its SME customers. The Bank is also attracting a higher volume of new customers as the number of business accounts opened was 62% more in 2020 compared with 2019. To date, the bank has also doubled its target of acquiring customers through the Business Banking Switch scheme (achieved 12% against a target of 6%).
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READ MOREFollowing its March meeting, The Bank of England has raised interest rates by 0.25 percentage points from 4 to 4.25 per cent. For some this is alarming, given that it is the 11th consecutive increase in a row, which has not been characteristic until this point, with many experts saying that the increases have been key to curb rising inflation.
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