The fintech landscape is evolving, digitising and growing. With 85% of businesses still banking with the UK’s biggest banking providers, NatWest is responding to these changes by facing them head on.
This year at Xerocon London 2019, Andy Ellis, Head of Ventures at NatWest, and Marieke Flament, CEO of NatWest’s new digital banking proposition Mettle, shared valuable insights around the current state of the fintech industry.
They discussed where they think fintech is heading and what innovation looks like to them. Here’s the low-down on what they shared.
The new fintech landscape
The fintech industry is booming globally and it’s something the UK is excelling in.
According to the Department of International Trade, the UK fintech industry generates £6.6 billion in revenue a year, with £2.5 billion in investment made in the sector during 2018 alone. And these numbers are set to rise steadily over the next decade.
“The UK fintech industry is a maturing industry and it’s beginning to consolidate after having been hugely fragmented,” says Marieke
In response to the growing and changing fintech landscape, NatWest has built a venture portfolio. They’re offering a range of products that aim to help businesses be the best they can be.
Andy also shared how important accountants are to NatWest.
“Accountants play a pivotal role in helping businesses thrive and so we’re dedicated to making the adoption of fintech propositions easier for both the business and their advisor.”
Innovation at the centre
As CEO of Mettle, one of Marieke’s core responsibilities is to champion innovation.
“Being backed by an established bank such as NatWest gives Mettle the ability to innovate quickly, given the support and expertise that can be called upon at any time,” said Marieke.
“The heart of innovation is how you set up your team,” she said. “This looks like a blend of people from both start up environments and long-standing banking experts, creating a space where talent from the best of both worlds can flourish.”
Where to next?
For NatWest, connection is key. They’re focused on connecting with customers to understand their pain points and needs to find solutions for them. One of those solutions is to integrate with Xero.
“All of NatWest’s products are either already integrated into Xero or there is a plan to make sure they will be in the near future,” Andy said.
“Connectivity is key in this world of disruption… so of course, we wanted to be connected with Xero.”
NatWest Rapid Cash is its lending solution against your unpaid invoices and is already integrated with Xero, with a single sign on and the ability to move all the data across the platform easily.
“This is a product that is disrupting the lending market,” Andy says.
Want to learn more?
Take a look at each of NatWest’s products for more information on whether they could be the right fit for you and your clients:
- Mettle – a new, digital-only business account
- NatWest APtimise – the UK’s only end-to-end Accounts Payable solution
- NatWest Rapid Cash – an innovative working capital proposition offering a line of credit based on unpaid invoices
- Esme – an alternative finance provider that gives business customers simple, fast access to loans in a way that is convenient for them.
- Tyl by NatWest – A payments product for you to serve your customers, track your sales and manage your business.
- NatWest Path – A new way to manage your employees, their data and all your HR processes, safely and securely.
Did you miss Xerocon London 2019, or do you want to recap what you learnt while you were there? Check out Xerocon in review, for all the news and updates.
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