Cashplus Bank has launched a new Mastercard-powered tool that will help SMEs to assess their digital health

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 is free to the public and offers a multi-response survey that evaluates their ability to seize business opportunities in an ever more digitalized world. The announcement follows the Government’s recent push to enlist banks to push businesses to sign up for its Help to Grow scheme. Although the scheme was designed to increase skills among SME leaders, it has not been widely adopted.

The Digital Health Check gives you a digital readiness rating. It is calculated using a series of questions that assess the current state of your answering business. Six key areas are evaluated and businesses are given a digital score and a general digital readiness rating. The tool then suggests specific solutions to meet each business’s needs as identified by the health check.

Cashplus Bank is the first UK digital bank to offer this service which will be available to any SME via the bank’s website. Compared to the Government’s scheme which requires a minimum of five employees to apply, the Digital Health Check is open to any business, no matter their size.

Cashplus recently conducted customer research that revealed that small businesses average 22 hours per month spent on administrative tasks. Finding the most time-consuming tasks included tracking income and expenditure, filing expense reports and reconciling accounts. The adoption and use of digital tools can speed up these processes.

Rich Wagner, founder of Cashplus Bank and CEO, stated: “We know that small businesses, particularly start ups and young companies, have a lot to deal with and often face a steep learning curve in many areas of running a business. Digital readiness is a key area that small businesses must master if they are to be successful.

Mastercard’s new Digital Health Check gives our customers a comprehensive review and gives us an insight into where we are at the moment. The tool provides practical, concrete suggestions to help businesses get up to speed and is a great fit with Cashplus Bank’s simple approach to breaking down barriers for UK SMEs.”

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

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