Embattled UK bank Royal Bank of Scotland, a name it has gone by for 300 years, is rebranding to NatWest...
RBS plans to launch a next generation mobile only bank by third quarter 2018; the project is expected to launch with more than one million users from the bank; reports also point to the bank pursuing a marketplace business model which values partnerships over lending as a revenue model; while it looks like it is rumors right now the bank is clearly moving more digital. Source.
Digital only banks have certainly attracted the attention of incumbents as they look to keep up with customer experience innovation; in the past year banks like Chase, RBS and others have started creating their own digital only brands; the digital only banks have been able to more easily create online marketplaces for products, better options for traveling and mobile workers and they have made the customers a part building the experience; this more nimble, quicker way of building has put pressure on big banks to keep up as many sizable banks have many layers of compliance and process to build. Source.
The Royal Bank of Scotland's NatWest Brand has announced the launch of direct lending platform Esme; the platform will offer loans up to £150,000 ($187,257) for small and medium-sized businesses with approvals in one hour; NatWest developed the Esme platform internally through an innovation lab; the platform was developed to provide a more competitive loan offering and will also support initiatives for cost reduction. Source
Bó was announced in November 2019 as RBS’ new digital banking offshoot; now the CEO of Bó Mark Bailie has...
Loot was a startup that offered a current account for millennials; last month it went into administration after they ran...
Lloyd’s Banking Group and Royal Bank of Scotland announce the closure of more than 100 branches; this is part of a wider trend for both banks who will now have closed more than 1,000 in the last few years; reasons for the closings include more UK consumers using mobile banking and the branch closures help to save significant costs. Source.
Some of the £775 million bounty that is the Royal Bank of Scotland (RBS) competition fund is being handed out...
A blockchain trial has been completed with leading UK banks Barclays and RBS along with R3-affiliated Instant Property Network (IPN); the...
RBS’s Monzo challenger Bó has shut down only six months after initially launching; the company plans to merge the technology...