Cashplus Bank launches digital health tool for SMEs with Mastercard

Cashplus Bank, the leading fintech bank for UK small businesses, today becomes the first UK bank to launch a Mastercard-powered digital health check tool for SMEs.

The Digital Health Check, which will be made freely available to the public, offers a multiple-answer questionnaire to assess their ability to seize opportunities in a business world increasingly dominated by digital processes. The announcement follows the government’s recent push to enlist banks to entice businesses to sign up for its growth aid scheme. The program aimed to improve the skills of SME managers, but has so far been poorly attended.

When completed, the digital health check provides a numerical readiness score that is calculated from a set of simple questions that cover the current state of response activity. Companies are assessed in six key areas and are assigned a digital score for each area and an overall digital readiness score. The tool then recommends specific solutions tailored to each individual business need identified by the health check.

Cashplus Bank is the first UK digital bank to offer this service which will be accessible to any SME via the bank’s website. Compared to the government system which requires a minimum of five employees to apply, the Digital Health Check is open to all companies, regardless of their size.

This launch follows recent customer research conducted by Cashplus revealing that small businesses spend an average of 22 hours per month on financial administrative tasks. Tracking income and expenses, filing expenses, and reconciling accounts have proven to be the most time-consuming tasks. Effective adoption and implementation of digital tools can help accelerate these processes.

Rich Wagner, CEO and Founder of Cashplus Bank, said: “We know that small businesses, especially start-ups and start-ups, have a lot to do and often face a steep learning curve in many areas of business management. Today, digital readiness is one of the most important areas small businesses need to master if they want to be successful.

Our new Mastercard digital health checkup offers our customers a free holistic review that helps them understand where they stand. The tool provides practical, actionable suggestions to help businesses get up to speed and fits perfectly with Cashplus Bank’s simple approach to breaking down barriers for UK SMEs.

The Mastercard Digital Health Check builds on the organization’s ongoing commitment to SMEs in the UK, which includes the recent launch of Strive UK – a program designed to help UK micro and small businesses access the support and tools they need to succeed in the digital economy.