The new platform, available to all business and commercial banking customers who use online banking, will allow applicants to complete the process in a matter of minutes, with a decision being communicated to customers usually within 24 hours, sometimes immediately. This fully digitised application process streamlines the customer experience and reinforces NatWest’s position as the UK’s leading commercial lender.
NatWest’s development underlines the bank’s commitment to further improving its digital offering and builds on the success of its ESME Loans platform, which provides loans of up to £150,000, Mettle - the standalone digital business current account, and LenderComm, the first production use of blockchain in the syndicated loan marketplace.
Alison Rose, CEO of Commercial and Private Banking at NatWest, said: “We are continuously looking for innovative solutions to meet the ever-evolving needs of our business and commercial customers. Our commitment to helping businesses in the UK access funding is at the heart of everything we do and we want to support them. Accessing larger loans, quickly, is vital, and this new end-to-end digital lending platform allows us to offer just that. The scale and pace of changes in customer behaviour is like nothing we have seen before, and we’re incredibly proud of this new proposition which shows our commitment to serving our customers better.”
This article is for media use only and is not a financial promotion.
By year end, 25,000 Business and Commercial customers will be able to take advantage of this new offering. This will be available to all business customers seeking a standard loan by end 2019.
Esme Loans targets UK SMEs with a turnover of over £15k (max £25m).