A Welsh Community Bank has been shortlisted for a top award in financial technology as it invests in new systems to help combat the cost-of-living crisis.

Smart Money Cymru’s digital journey has led to it becoming one of four finalists in the FinTech for Good category of the 2023 FinTech Awards to be staged in September at a gala event in Cardiff.

Smart Money Cymru is investing heavily, with support from Welsh Government, to upgrade and improve its financial services. With branches in the South Wales Valleys and Powys, the organisation is working hard to offer its 11,000 strong Membership full banking services including a new Banking App, and is soon to launch a Debit Card.

Mark White, Smart Money Cymru CEO said,

“We are continually improving our offer at a time when local community banking and credit unions are becoming more important as High Street banks close their branches and retreat from communities,”

“We are delighted to be shortlisted for this Award among other innovative FinTech organisations which, like us, are employing new technologies to serve people and make their lives better.”

Smart Money Cymru joined FinTech Wales last year. The organisation, which champions the financial services industry in Wales has a large number of Members including banks, insurers, accountancy firms, universities and utility companies.

Smart Money Cymru’s digital journey has brought many benefits to its Members, speeding up applications to join the Community Bank and faster and more consistent systems for processing loans.

“More and more people are these days turning to their local Community Banks and Credit Unions for savings and loans and other banking services”, said Mr White. 

“Digital improvements, coupled with face-to-face service at local branches have led to a large influx of new Members in recent months. This new technology is enabling us to offer services which were previously the domain of the large High Street banks and we are seeing people joining in large numbers,” he added.