View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
February 17, 2017

NatWest loans go digital with new speedy service for SMEs

Small and medium businesses can now obtain unsecured loans up to £150,000 within an hour of approval.

By CBR Staff Writer

UK bank NatWest, part of RBS group, will launch a new digital platform to speed up the lending process for small and medium enterprises (SMEs). With this digital platform, small and medium businesses can obtain unsecured NatWest loans of up to £150,000.

Dubbed Esme, the loans can be obtained, potentially within an hour, if the application is approved.

The bank also stated that customers can benefit from no early repayment charges. According to the bank, the scheme took shape as a means to simplify and speed up lending process and has been developed in response to direct and P2P lending platforms.

With the new scheme customers can avail unsecured and unregulated NatWest loans of up to £150,000 for a maximum period of five years. This is for UK SME customers, irrespective of whether they have bank accounts with NatWest or not.

The Esme loan scheme is part of the bank’s ongoing digital agenda. It follows the December launch of Nift, a software platform that makes it easier for customers to read and understand Terms & Conditions.

READ NOW: The open banking revolution – what does it mean for fintechs and banks?

NatWest also stated that it plans to invest about £70m over the next five years. This investment will be used in developing digital experience for non-personal banking customers.

The new scheme has also been designed to reduce the number of steps required for completing payments and will automatically compare and show the cheapest payment methods.

Content from our partners
Scan and deliver
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester

NatWest Commercial and Private Banking CEO Alison Rose said: “We are excited to launch the trial of Esme this week offering SMEs yet more choice in how they access the funding they need to invest and grow.

natwest loans“Esme will offer SMEs a quick decision and almost instant funding, allowing those customers to go on and do what they do best – run a business. Through Capital Connections, our panel of five P2P and alternative lenders, we’ve already broadened choices for customers but we wanted to go one step further and create our own alternative lending platform.

“At NatWest we are committed to designing, developing and trialling innovative customer solutions so we can offer services and products that will really make a difference to our customers.”

Topics in this article :
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.